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Does paper money still derive its legitimacy from taxes? What would happen if taxes were substantially less?
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I have heard that the reason paper money retains value because it can be used to pay taxes, is that still true in current times?
What would happen to the value/legitimacy of paper money if taxes were much lower? Imagine that a middle-class person only had to pay 1% of his income in all government taxes and fees? Imagine laws requiring businesses to accept money remained the same.
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