How are you going to pay for it?

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3 ай бұрын

That is the question every journalist asks of every politician and campaigner every time they come up with a good idea. Because so few politicians and campaigners know how to answer that question, more good ideas have died a death for this one reason than any other. That’s where the Taxing Wealth Report 2024 comes in. Its 30 recommendations suggest how up £90 billion of tax might be raised and £100 billion for investment a year might be found. That's more than. everyone is ever going to need. The question 'how are you going to pay for it?' can always be answered now.
ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.
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Пікірлер: 33

@christopherwalton1373 2 ай бұрын

Spend and tax baby. Machine go Burrrrrr👍🎉🎉

@GlennLeinster 3 ай бұрын

Well said Richard;-) wealth tax spot on, if the people don't have the money and the government doesn't have the money and we're the 5th riches economy in the world, then the rich have all the money and keep buying everything, we need a wealth tax, great video

@adenwellsmith6908 3 ай бұрын

We aren't the 5th, because you are ignoring the debts.

@GlennLeinster 3 ай бұрын

@@adenwellsmith6908 every country has debts same as most people that's how you buy things

@adenwellsmith6908 3 ай бұрын

@@GlennLeinster So how big are the UK government's debts? Here's the list of debts 1. Borrowing 2. Pensions 3. Nuclear clean up 4. Losses on insurance contracts 5. The EU 6. Unpaid wages 7. Unpaid invoices 8. Expected payouts - eg post office, NHS damages. I'll start you off. The borrowing first thing this morning was published by the DMO Total Amount Outstanding (including inflation uplift for index-linked gilts) = £2,456.28 billion nominal Can you get the numbers for any of the others? Number 2 surely must be easy. [PS it's a trick question]

@GlennLeinster 3 ай бұрын

@@adenwellsmith6908 lucky you weren't in charge just after the ww2 then we would still be living in bomb shelters, debts ain't the problem only the political will is missing

@bearsbreeches 3 ай бұрын

Only if they've read the Wealth tax report 😊

@stevepetty7009 3 ай бұрын

He should talk to ex-top trader Gary Richardson. Gary has the analysis on closing the wealth gap. This is the way to save the save the decline in the UK.

@thefastandthedead1769 3 ай бұрын

So true!

@davidmcculloch8490 3 ай бұрын

If only Sir Starmer would listen to Richard and Tax Justice UK instead of his ex-BofE economist. Time for politicians to grow some cajones! Creating new money to fill holes and avert disasters has been all-too-common; yet had we created it for investment in the infrastructure, we would be far healthier and wealthier. Depending on trickle-down has always been a lie designed to exacerbate inequality. It has gone too far.

@adenwellsmith6908 3 ай бұрын

Investment. How did that work in Croydon?

@davidmcculloch8490 3 ай бұрын

@@adenwellsmith6908 How would I know? Croydon is not a government that can produce its own money or change taxation policy. Government finance works differently.

@adenwellsmith6908 3 ай бұрын

@@davidmcculloch8490 Investment. Croydon made big investments. Croydon went bad. Trickle down I agree. It will never work. So why aren't the poor workers investing and building wealth? The answer is that the socialist welfare state takes 20% of their money and redistributes it. That's why you get wealth inequality and other shit outcomes.

@leehumphries7696 3 ай бұрын

Via the Supply and Appropriation Bill as happens each year and has done for the last couple of hundred years.

@musiqtee 2 ай бұрын

Sure, but I think this typical OECD predicament of austerity has a few more topics we don’t discuss. One is “ownership”. Some time back, our public sectors had large “ownerships”, so investing in them didn’t require the same currency circulation mandate to avoid inflation. Since that time, we’ve been schooled to think that this “ownership” crowded out the private sector, resulting in endless legislative changes that in practice have diminished governmental agency. The interdependence is now massive, and it of course crosses borders and boundaries a government or council can not cross. So in practice, I can’t see any incumbent or near incumbent party wanting or daring to take this agency back for numerous reasons (many books and papers on this over at least 150 years). As I see it, this is the most radicalising factor across OECD - for people as well as the general policy preferences. Preferences that drives power further away from what the taxation report suggests, when we as societies indeed should adhere to its suggestions. I hope I’m wrong, but my bias has been radicalised “leftwards” against the crowd. I have appreciated your work since this channel started, my deepest respect and thanks!

@iwantagoodnameplease 3 ай бұрын

You mention inflation here. The impression I had from some of your earlier content is that government spending isn't directly linked to inflation, and there's no real historical evidence of this, as so we don't necessary need to tax everything the government spends. But here you say we must?

@GreenLarsen 3 ай бұрын

Its not a 1-2-1. You can increase government spending without creating inflation, if and only if. There are "unused" resources available. Be it man power or something else. However, if you increase spending beyond that then you create inflation. Since we don't have a way to really know how many free resources there are available it make sense to have plans for how to equalize the spending done by taxation.

@leeallen463 3 ай бұрын

Interesting, athough tbh I care as much about how we're going to pay for hospitals as I do about how we'll pay for continuing to give billions in weapons to Ukraine for the forseeable future, not that we ever hear directly about the taxes that will be raised to pay for that.

@WarrenPeaceOG 3 ай бұрын

On the high side, we've spent 500,000 Ukrainian soldiers on the war. We're paying billions so NeoCons can play chess using real people, where every pawn is worth half a million people. Ukraine is NATO's expendable pawn

@tiffinmeister Ай бұрын

Or the cost of our military in supporting the Gaza genocide, i.e. reconnaissance, fighter and heavy lifting aircraft, troops on the pier and elsewhere, Israeli troop training and no doubt more. None of this sanctioned by parliament.

@davidthompson797 3 ай бұрын

No doubt we ahould tax the rich more but the economy is a long way from being at full capacity so I don't think the risk of inflation (of any note) is a great risk for some considerable time.

@adenwellsmith6908 3 ай бұрын

Austerity and spending cuts. The only way.

@marknaylor9394 3 ай бұрын

LOL!!!

@adenwellsmith6908 3 ай бұрын

@@marknaylor9394 How else? The money is going on debts, not services. So public austerity. Or you try and tax your way out. Low take home pay. Personal Austerity. Or you cancel civil service pensions. Austerity for the creditors.

@garyb455 2 ай бұрын

As Angela Merkal said, Europe accounts for about 10% of the Worlds population, and about 25% of the Worlds GDP, and about 58% of the Worlds Welfare. This is unsustainable and will bring catastrophe in the end. Welfare is the driving force behind mass immigration into Europe from the poorest parts of the World. Welfare systems all across Europe needs to be cut dramatically or Countries will go bust, this is where the real money has gone.

@musiqtee 2 ай бұрын

How does this position explain that i.e. three corporations own 80% of assets in the US, or that 3% richest individuals’ wealth equals what _half of the whole population owns?_ The US has never had public welfare…? This shift has happened across the same 50 years as “welfare Europe” is experiencing the same - after the collapse of Breton Woods agreement and USD leaving the gold standard. What is the connection to public welfare, except the privatisation of said welfare? A multi-country ‘explosion’ of silly and weak individuals, or a multi-country erroneous policy of weakening our own public agency? Private insurance doesn’t care about democracy or votes, so we should just be “American” and fail ourselves…? Not very promising…