All taxation is nothing more than a protection racket. It should never be used to pay for anything beyond the necessities of defense, courts, and law enforcement. I make an exception for "Pigouvian taxes" (taxes which simply make you pay costs you have imposed on others).

But an individual can and does "sign the check" if he voted for a spending bill, or for a politician who helped impose it.

I favor reneging on the national debt (or, equivalently, printing the money to pay it) because it has been, and is still being, incurred mostly by people who plan not to be around when it comes due. Today's and tomorrow's children cannot morally be said to owe a huge, unpayable debt simply because their parents were spendthrifts. That way lies serfdom.

For individuals the law already handles that situation correctly -- the creditors are first in line for the debtor's estate, but any debt it doesn't cover just has to be written off. They have no claim against the debtor's children.

As for invested wealth suddenly vanishing -- that has already happened. The national treasury contains nothing but IOUs, which no educated person has ever expected to see redeemed. Nothing much will change when they have to say so in plain words. There is no country capable of punishing either the government or ourselves for not paying.