100% on board with refunding and cancelling income taxes, but I also don’t think back pay is possible.
While I hate it, our national debt would cripple us if we all got a refund of everything we had paid. Like yourself, many of us would get a lot back, which is a big problem.
Assuming conservatively for arguments sake that half the population got money back (actual number is more like 60 something percent of the population is employed), For every $100 given back that’s $15 billion of debt.
The average income in the US is 64k, with an average tax rate of 14.5%, that’s roughly $9425 per year. Over the course of a year, that’s approximately $2.83 trillion.
My numbers are likely off, but the point remains. Returning 2.83 trillion (or any similar figure) over one year is difficult, for back pay, it’s impossible. It’s not fair but I don’t see a way forward with back payments.
Irreversible being a key here. There’s no safety net for fraud or dispute, which bothers me.
Presently, if you buy something online and pay with something like PayPal, the good and service needs to be provided or you can dispute it and have it refunded back to you. My concern is that this is more difficult with blockchain.
The Rothschilds own about 20T, the global wealth is about 400T, not sure where you’re getting 100T for them. Happy to be proven wrong.
The real issue is that net worth is also subjective. If I own a $10 billion dollar home, It counts for my net worth, but I likely can’t sell it for that because the number of buyers is also limited. Assets have an appraised value and also a lower sell value if they need to be sold as part of a liquidation. If we were to liquidate physical assets, you’re likely to make less than 75% of their worth.