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Tax as a hygiene factor: setting UK taxation policy using Modern Monetary Theory

In: Modern Monetary Theory

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  • Neil Wilson

Abstract

Taxes are dull. They are boring. Nobody wants to think about them; fewer want to have to pay them. However, like the sewage system, we must have a tax system that is both efficient and effective. Because MMT shows that "taxes drive money", many believe that taxation is central to the MMT approach. Because MMT shows that "taxes don't pay for government spending", others believe MMT ignores taxation. In this chapter, we set the record straight, put tax in its proper place behind the other MMT stabilisation mechanisms, and adjust the UK taxation system to manage the financial effluent efficiently and effectively.

Suggested Citation

  • Neil Wilson, 2023. "Tax as a hygiene factor: setting UK taxation policy using Modern Monetary Theory," Chapters, in: L. R. Wray & Phil Armstrong & Sara Holland & Claire Jackson-Prior & Prue Plumridge & Neil Wilson (ed.), Modern Monetary Theory, chapter 9, pages 207-222, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21315_9
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    Keywords

    Economics and Finance;

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