Making Money

Where do your taxes actually go?

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

Episode guests

Paul Johnson

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Episode notes

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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.

Wealth taxation is proposed to tackle wealth inequality and ensure a fairer 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.

Introduction

2min

Analyzing Governmental Policies and Funding Allocation

7min

Challenges in Taxation Policies

22min

Importance of Education and Taxation Insights

3min

Wealth Taxation Disparities

6min

Navigating the Complexities of Corporation Tax

17min

Addressing Country Challenges through Fair Taxation and Bravery in Decision-Making

3min

It feels like we pay a lot of tax in the UK but is that really true? Where do our taxes actually go? Are they wasted? And are we going to have to pay more in the future? Paul Johnson is the Director of the insanely well respected Institute for Fiscal Studies and in this episode he explains how we’ve got into this pickle, how we can get out of it - and why our feelings about paying too much tax might not be rooted in reality.

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