Fiscal stress test / 2026-09-01
The First Trillion-Dollar Company With Almost No Payroll
It is a scenario, not a headline. It is also the stress test every payroll-dependent state should run now.
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Post-payroll economics / 2026-09-01
The Robot Tax Was the Wrong Meme. Tax the Agentic Margin.
A robot tax targets the prop. An agentic-margin contribution targets the value that scales when payroll no longer does.
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