Yay! OECD boffins find a new and better reason to increase the GST

Ask almost any bunch of economists what big reforms to the economy we need and their list will start with tax reform and probably not get much further. Ask a bunch of big-business people what we need and their list will linger lovingly on tax reform.on our economy, the first since 2018. To be fair, the rich-nations’ club’s list of important reforms included much more than tax. But tax was front and centre of news reports in the financial press.

What brings the two sides into balance is the “price mechanism”. The price of the item in question goes up or down until demand and supply are equal. This is why, if economists wore T-shirts, they’d say Prices Make the World Go Round. It’s notable, however, that whereas business people see the greater revenue from an increased GST being used to cut income tax rates on higher incomes, the OECD boffins see it being used to cut the tax on low and middle incomes.

The mainly older and more powerful men paying the top tax rate have no trouble believing this to be true, as neo-classical theory says . Trouble is, there’s little empirical evidence that the theory accurately describes the real world.

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