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A discussion led by Phil Stevens on terminology. <\/p>\n
Sin taxes are taxes, but otherwise we should call it rent or royalties. There is a widespread belief that tax or borrowing is the only way governments can get money and it is false because governments can create money. It is just that 98% of our money is created by private banks. <\/p>\n
There are a number of mantras that are equally false but have become the dominant discourse \u2013 e.g. that a surplus is good. Professor Steve Keen and others have explained it isn’t true but if you say it often enough people believe it. What is income tax then? Phil answers it is theft.<\/p>\n","protected":false},"excerpt":{"rendered":"
A discussion led by Phil Stevens on terminology. Sin taxes are taxes, but otherwise we should call it rent or royalties. There is a widespread belief that tax or borrowing is the only way governments can get money and it … Continue reading