So we get the equation Govt spending = local saving + net imports (foreigners saving) + tax.
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Mark Wadsworth: Modern Monetary Theory and Land Value Tax taxation really is for. It certainly is not to 'fund' spending. It is to stop spending become inflationary. Once you realise this you see people voluntary tax themselves - it is called 'saving.' In MMT it is referred to 'voluntary taxation.'
<span>So we get the equation Govt spending = local saving + net imports (foreigners saving) + tax.
Now we can argue over who gets compulsory taxation and who gets voluntary taxation. But it has nothing to do with public services.
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