{"id":51741,"date":"2020-07-22T06:23:12","date_gmt":"2020-07-22T05:23:12","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=51741"},"modified":"2020-07-27T07:18:15","modified_gmt":"2020-07-27T06:18:15","slug":"what-taxes-should-we-raise-now-a-video-explanation","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2020\/07\/22\/what-taxes-should-we-raise-now-a-video-explanation\/","title":{"rendered":"What taxes should we raise now? A video explanation"},"content":{"rendered":"

I am doing a presentation for the Fabian Society this evening as part of a discussion on Tax After Coronavirus. Tickets are available here<\/a>.<\/p>\n

I am quite sure one aspect of this that will be raised will be \u2018what taxes should be raised to pay for coronavirus?\u2019<\/p>\n

I will make two points. One is that coronavirus is already paid for. It\u2019s being paid for by money creation, albeit imperfectly via QE, and by people saving with the government. What that means is that \u2018how is this going to be paid for?\u2019 debate\u00a0has to really be about something else, which is \u2018how are we going to reverse QE?\u2019, the reason for doing which is unknown, and \u2018how are we going to force people to save elsewhere?\u2019, which, again, is a bizarre question. Why would we want to punish the
\neconomy to achieve that goal?<\/p>\n

Second I will be saying that we really do not heed overall tax rises now as that will drain the economy if already scarce demand.<\/p>\n

But that does not mean we do not need tax reform now, and that\u2019s the real focus of today\u2019s video.<\/p>\n