IRS collects milestone $1B in back taxes from high-wealth taxpayers

A reminder that taxes don't fund the government they curb inflation. The government funds itself by printing money and taking out loans.

> reminder that taxes don't fund the government they curb inflation. The government funds itself by printing money and taking out loans

Sort of. Modern monetary theory ignores any stocks of money or money-like instruments at the government, focussing instead on flows. Spending and paying debt is inflationary, taxing and issuing debt deflationary.

As an economic model it’s nice. As a policy framework in a democracy it’s nonsense. Practically nobody during the inflation scare proposed raising taxes to destroy cash.

> Spending and paying debt is inflationary, taxing and issuing debt deflationary.

Don't these pale in comparison on the flows created by Quantitative Easing?

No, not at all as QE didn't change the amount in circulation. From an inflationary standpoint they are mostly a no-op.