What Does Money Laundering Look Like? And What Did the IRS Do Before the Creation of Income Tax?
(en.wikipedia.org)
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That is how it was supposed to be, yes.
But then the government bonded the people to the banks, and presto income tax.
To put it another way, the government started borrowing money using the people as collateral. You paying the government's loans is what income tax is.
Just a little at first, then a little more, then a little more. Then it became completely untenable, and they started debasing the currency instead. That turns taxation into inflation and makes it "invisible."
Quite the magic trick.