Government shall have no tax raising or borrowing powers! This is fundamental because at a stroke it takes away the chief tool of the totalitarian power that States throughout human history have deployed to deprive their citizens (or more correctly,subjects), of their free will,autonomy and liberty: he who cannot dispose of his income in a way fitting to his own individually determined needs and desires and own choosing is not a free man at all but a mere vassal, subject to the whims and impulses of his master, chief wallet and purse holder : a man who cannot control his finances cannot control his life. This governments know which is why they seek financial domination over their enslaved subjects and they use taxation as their tool of tyranny and control to do it.
The fact that governments claim that they are doing this financial appropriation of the people for their own good adds insult to injury as it implies that people do not know what constitutes their own good and need governments to tell them what it is. Thus the condescension of all despots in encapsulated in this idea: the people must be protected from themselves -but who will protect them from the State that poses the biggest threat of all to them and all that they hold dear? A written Constitution!
The fact that governments play the paternalist in human affairs and seek to oppress their people with faux compassion whilst robbing them blind is in no way mitigated by their equally bogus claim that they are providing them with services that the market could not better provide. Another lie! A) the markets can provide better services and goods because they compete and B) a service provided at the point of a gun is no service at all but rather a monstrous imposition and violation of individual rights. One only has to see the injustice of it by imagining a scenario in which a plumber knocks at someone's door and tells them they are going to have their plumbing overhauled regardless of whether they wish it done or not, they are not smart enough to kn ow whether they want such a service and their say in the matter is irrelevant and of no regard whatsoever. Take it from there.
Just as governments should have no tax raising powers they should have no borrowing powers either because a State has no more right to place an individual in debt than a man has a right to put next door neighbour in debt and for the same reasons. The State exists to protect individual rights not violate them in this way. These are two of the many interdictions that comprise the bedrock of a free society that a State should and must be subject to if a country wishes to place liberty justice and individual rights at the heart and core of its political system.