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Making Money

S2E9: Where your taxes actually go and why you’ll need to pay more | Director of the IFS Paul Johnson

Dec 4, 2023
Paul Johnson, director of the Institute for Fiscal Studies, discusses where UK taxes go, challenges in tax policies, wealth taxation gaps, complexities of corporation tax, and the need for fair taxation to address societal issues like aging population and climate change.
01:03:15

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Quick takeaways

  • Increased taxation is necessary due to an aging population and climate change challenges.
  • Strategic tax reforms are needed to address inefficiencies in public services and the tax system.

Deep dives

Key Point 1: Need for Increased Taxation Due to Aging Population and Climate Change

The podcast episode highlights the necessity for increased taxation due to two significant factors: the aging population and climate change. With an aging demographic that requires more healthcare and pension services, there is a growing financial burden on the government. Additionally, the commitment to achieving net zero by 2050 demands substantial financial investment, requiring additional government revenue to support environmental initiatives.

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