One argument against using taxation to pay off the public debt is that it will redistribute wealth from

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Taxation to pay off the public debt involves increasing taxes on individuals, which will affect those who do not own bonds (likely to be poorer people) more than those who own bonds (likely to be richer people). Therefore, using taxation to pay off the public debt will redistribute wealth from poorer people who do not own bonds to richer bondholders.

One Argument Against Using Taxation to Pay Off the Public