No taxation without representation! But do we get value for money from our taxes?
Richard Murphy’s YouTube channel really is a goldmine if you want to explain to people how money works and why it is important.
In the video below, he discusses tax – why it is a good thing (yes, really!), how it balances faults in our economic system, and how it gives us a voice in government.
Did you know, for example, that without tax our money would be worthless? Its value is validated by the fact that the government will only accept payment in pounds sterling, and that’s the only reason the pound has any value at all. Money is an artificial construct, you see. Its only worth is given to it by the importance we allow it.
Did you know that the government (it doesn’t matter which party is in office because they all do the same thing) must tax us in order to maintain the value of our money? If it didn’t take out of the system at least some of what it pays in, we would face rampant inflation. This means that governments create money, of course.
Did you know that, when they pay money into the system, governments support particular projects – either by directly funding them or by providing tax “breaks” to allow businesses or organisations extra cash they need to be financially viable?
And did you know that people who pay tax are more likely to vote – because it means they have a say in what is done with their money?
All these things are explored – albeit briefly – in the video below. It’s a great little primer on why the money in your pocket or bank account is important. And it’s less than four minutes long:
Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.
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