Making Money

ARCHIVE: Where do your taxes actually go?

12 snips
Apr 14, 2025
Guest
Paul Johnson
Paul Johnson, Director of the Institute for Fiscal Studies and author of 'Follow the Money,' dives into the complexities of UK taxation. He discusses where our taxes truly go and dispels myths about tax burdens. The conversation tackles public spending inefficiencies, especially in the NHS, and explores the ancient and bizarre tax laws that still echo today. Johnson emphasizes the need for tax reform to address modern financial pressures, particularly on families, and argues for a fair taxation system to tackle national challenges like an aging population and climate change.
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INSIGHT

Recent UK Tax Increase

  • UK tax levels recently jumped significantly, despite historically remaining stable.
  • This increase is driven by higher health and pension spending, poor economic growth, and substantial debt interest payments.
INSIGHT

Taxes vs. Public Services

  • Taxes feel high and public services feel poor in the UK currently.
  • However, UK public services still outperform those in the US.
INSIGHT

Future Tax Increases

  • An aging population and climate change necessitate increased government spending.
  • This will likely lead to higher taxes unless significant public service cuts are made.
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