Utopia does not have debt or interest on their debt to pay. In fact, the Utopian government makes money from their assets. The Utopian government not only does not collect taxes, but also pays an income to every citizen. Because every citizen gets an income from government, welfare, social security and unemployment are not needed. Read on, this is not beyond the realm of possibility.
Everyone is required to have health insurance. If they don’t, government deducts enough from their income to cover health insurance and pays the insurance provider. People that make more than one sigma above the average income do not get an income from government. People that earn three sigma over the average income are required to buy government bonds that are used to finance small business loans, schools, roads and other projects. These bonds can be sold in an emergency or for retirement.
If the wealthy were required to keep one third of their wealth in government securities all is mathematically feasible. Did I say that no taxes are necessary?
It’s simply functional and sensible! But that’s Utopia. Did you notice that Utopia does not have taxes? They do have access to money from bonds and they use this money to pay for schools, roads, a telephone system and power plants. Their assets generate income, thus no taxes are required.