Taxation is necessary in order to provide public services like roads, education and health care. But as the world's elderly population grows, and the demand for public services increases, countries will need to reassess how they tax. Where should the money come from?
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Macroeconomics: UK economy, IB Economics
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A brief overview of relevant articles for IB and A-Level all relating to the UK economy
Curated by
Graham Watson
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The Economist looks at one of the pressing issues of today's world - how to fund increased public spending as a result of an ageing population.
It suggests that the options involve raising taxes on incomes, consumption or wealth, and assesses the relative merits of these solutions. The conclusion? An increase in taxes is likely and, realistically, the least distortionary involve taxes on wealth which are going to fall most heavily on the rich.
Nothing controversial here, as far as I'm concerned.