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Digital Greenbacks: A Sequenced ‘Treasury Direct’ And ‘Fed Wallet’ Plan For The Democratic Digital Dollar, Robert Hockett
Digital Greenbacks: A Sequenced ‘Treasury Direct’ And ‘Fed Wallet’ Plan For The Democratic Digital Dollar, Robert Hockett
Journal of Technology Law & Policy
I propose means of immediately converting the Department of Treasury’s existing Treasury Direct system of freely available transaction accounts into a publicly administered digital savings and payments platform. A platform of this type is an essential public utility in any commercial society such as our own. It is additionally growth-promoting inasmuch as growth-tracking Gross Domestic Product (GDP) is a measure of transaction volume, while transaction volume is a function of more efficient and inclusive transacting. As Congress seeks means of streamlining the payments infrastructure in a time of pandemic-induced crisis, the Treasury route recommends itself as the fastest way to …
Debt And Taxes, David Hasen
Debt And Taxes, David Hasen
UF Law Faculty Publications
The federal income tax conceptualizes the standard loan transaction as an exchange of cash for promises to pay interest and to repay the amount borrowed by the term. This formulation is subtly wrong in ways that have led to a weaker foundation for existing tax rules than they merit. Conceptualizing loans instead as closely akin to leases places most of the tax rules for debt on sounder footing because it clarifies that the consideration paid for the use of the loan proceeds is interest. If interest is the cost of the use of money, then simple borrowing is a fully-paid-for …