Most people agree that Rishi Sunak is crazy to introduce new taxes on the British public when inflation is compromising living standards and the Bank of England is lifting rates and pushing up the cost of mortgages. Now a war in Europe is pushing the cost of fuel ever higher. But the Chancellors argument is that the government has to pay back the money it borrowed during the pandemic. If it did, it would take decades. But, as Steve Keen explains in this week’s podcast, Modern Monetary Theory suggests the money doesn’t need to be paid back, and tax is really on a mechanism for controlling the money supply. Phil Dobbie looks at some of the crazy taxes that have been introduced, many to do with changing behaviour or distributing wealth. Both noble aims, but the execution might have left something to be desired.
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