Why tax transparency matters more than ever

The Global Initiative for Fiscal Transparency (GIFT), the International Budget Partnership (IBP) and the University of Sheffield have launched a major new training programme on tax transparency. The 32-part video series, available here, sets out why tax transparency matters, how it can be created, and how it can strengthen tax systems and democracy alike.

I recently took part in a discussion about this project with Professor Andrew Baker of the University of Sheffield, who worked with me on developing the course, and with colleagues from IBP.

If you would like to learn more about this training programme please follow this link: https://internationalbudget.org/tax-transparency-course/#:~:text=Tax%20transparency%20means%20making%20quantitative,is%20working%20effectively%20and%20fairly.&text=GIFT's%20framework%20includes%2014%20principles%20ranging%20from%20basic%20to%20aspirational%20levels.

TRANSCRIPT
A transcript for this video is available at: https://www.taxresearch.org.uk/Blog/2025/09/03/tax-transparency-really-matters/

0:00 – Introduction – Setting out the debate: Keynesianism vs Modern Monetary Theory (MMT).
2:05 – What They Share – Common ground between Keynes and MMT on government’s role.
4:10 – Keynesian Foundations – The Great Depression, borrowing, and fiscal stimulus.
6:55 – Debt in Keynesian Thinking – Borrow now, repay later: the orthodox view.
9:40 – MMT Origins – 1990s beginnings, fiat currency, and a new way of seeing government money.
12:15 – How MMT Sees Debt – Government “debt” as private sector savings, not a burden.
15:20 – Inflation Control – Keynesian vs MMT approaches to price stability.
18:40 – Policy Tools Compared – Monetary & fiscal policy vs fiscal-led, near-zero interest MMT.
21:10 – Full Employment & Job Guarantee – Why MMT prioritises real resources over money.
23:50 – Critique of Neo-Keynesianism – The household budget myth and austerity politics.
26:15 – Summary & Implications – Why MMT offers a better framing for today’s economies.
28:57 – Outro – Final thoughts, blog links, and call to action.

IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO
If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. https://www.taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp/

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ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’.

This video was edited by Thomas Murphy.

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INTRODUCTION: https://www.youtube.com/watch?v=HdHsRPy3060

PLAYLISTS:

The Wealth Series
https://www.youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD

Ecenomics
https://www.youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4

Britain
https://www.youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10

Tax
https://www.youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY

MMT
https://www.youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX

Money
https://www.youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m

Climate Change
https://www.youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ

USA
https://www.youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H

Labour
https://www.youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw

The Trump Administration
https://www.youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx

#MMT #ModernMonetaryTheory #KeynesianEconomics #EconomicsExplained #PublicDebt #FiscalPolicy #UKEconomy #Inflation #FullEmployment #GovernmentSpending #JobGuarantee #Austerity #DeficitMyth #EconomicJustice #MonetaryPolicy #EconomicPolicy #WealthInequality #NeoKeynesian #PoliticalEconomy #DebtCrisisMyth

The video discusses the importance of tax transparency and how governments and organizations can improve the way tax systems work. It highlights the need for better government accountability in tax spending and to reduce opportunities for tax evasion. Understanding tax liability is crucial for both individuals and corporations, and effective tax planning can help ensure compliance and optimize financial outcomes.

This video highlights the critical need for tax transparency and increased government accountability in managing public finance. It advocates for reforms to address tax avoidance and ensure economic justice. Understanding taxes and how they are spent is a crucial step toward a fairer system.

Видео Why tax transparency matters more than ever канала Richard J Murphy