You are not acknowledging the core economic problem which is that the productive capacity of the economy is going to be destroyed if this doesn’t end soon.
What you are describing is essentially how to ration the dwindling supplies of goods during the epidemic.
Enacting arbitrary taxes where the government simply appropriates funds from entities that have it and gives it to those who don’t is unfair, dangerous, and will undermine trust in the rule of law. It will be ripe for abuse and predatory behavior. It is also a system that loses the critical information market mechanisms provide, instead replacing with “command” based allocation which is a dangerous precedent.
The way to achieve what you propose that is not at odds with civil society is for the government to “print” new money, and distribute it through moderately means based criteria.
The US has unlimited capacity to increase its money base as a sovereign entity. Normally this is done through the Fed buying bonds from the treasury. The treasury has the authority to create money directly if they choose.
This has the effect of devaluing the currency as a whole. By distributing the new currency ti citizens that need it, it is effectively a transfer of wealth that is distributed throughout the economy in a decentralized and proportional way.
It is only necessary to target those who need help, opposed to harder problem created when the need to target who can “afford” to sacrifice their savings is added.
This doesn’t address the problem of productivity lost, but it allows what productive output there is to be more fairly rationed.
It also less subject to being the legal and political nightmare your suggestion entails.
What you are describing is essentially how to ration the dwindling supplies of goods during the epidemic.
Enacting arbitrary taxes where the government simply appropriates funds from entities that have it and gives it to those who don’t is unfair, dangerous, and will undermine trust in the rule of law. It will be ripe for abuse and predatory behavior. It is also a system that loses the critical information market mechanisms provide, instead replacing with “command” based allocation which is a dangerous precedent.
The way to achieve what you propose that is not at odds with civil society is for the government to “print” new money, and distribute it through moderately means based criteria.
The US has unlimited capacity to increase its money base as a sovereign entity. Normally this is done through the Fed buying bonds from the treasury. The treasury has the authority to create money directly if they choose.
This has the effect of devaluing the currency as a whole. By distributing the new currency ti citizens that need it, it is effectively a transfer of wealth that is distributed throughout the economy in a decentralized and proportional way.
It is only necessary to target those who need help, opposed to harder problem created when the need to target who can “afford” to sacrifice their savings is added.
This doesn’t address the problem of productivity lost, but it allows what productive output there is to be more fairly rationed.
It also less subject to being the legal and political nightmare your suggestion entails.