Monetary Matters with Jack Farley

How Governments Can Actually Raise More Revenues | Taxation Expert Richard Murphy

10 snips
Oct 8, 2025
In this engaging discussion, Richard J Murphy, a political economist and tax reform advocate, shares his insights on taxation and economic repair. He argues that effective tax reform can boost productivity and welfare. Murphy critiques current corporate taxation and suggests focusing on higher income taxes for the wealthy rather than broad wealth taxes. He explains how reducing inequality can stimulate economic demand and proposes aligning tax rates on income and capital gains to eliminate perverse incentives. Don’t miss Murphy’s views on government debt and monetary policy!
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INSIGHT

How Fiat Money, Spending, And Tax Fit Together

  • Modern Monetary Theory describes fiat governments creating money to spend and using tax to control inflation.
  • Richard Murphy says tax's primary job is to withdraw money to manage inflation and to redistribute wealth for social aims.
INSIGHT

Corporate Tax Avoidance And Country Reporting

  • Corporations currently contribute too little tax revenue and exploit tax havens to reduce their effective rates.
  • Murphy highlights country-by-country reporting as a reform that raised transparency and corporate tax contributions.
INSIGHT

Why Redistributing Wealth Boosts The Economy

  • Wealthy people hoard money, reducing circulation and aggregate demand.
  • Murphy argues modest redistribution increases spending velocity and produces multiplier gains benefiting the whole economy.
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