‘The Deficit Myth’ by Stephanie Kelton which is all about Modern Money Theory & the fact that taxes do not pay for Govt spending if your Govt is a sovereign fiat issuer of it’s own currency (like the UK, US, Canada, Japan but NOT the countries using the Euro, although the EU as a block is a Sovereign issuer) & how they are unrestrained in their ability to fund anything they require as long as it is paid for in their own currency & does not exceed the limits of supply (such as material or labour).

Modern Money Theory doesn’t advocate not taking taxes. In fact, it identifies that taxes are critical to taking money out of the system & it’s important in the redistribution of wealth & preventing the incredibly rich monopolising resources. It advocates that Sovereign issuers of their own fiat currency do not need the income from taxes to enable them to spend, as they like to tell us, but that all money spent by such governments in ‘new’ money, keyed into existence at their point of issue (US Fed, UK Bank of England) and they then tax it back, but the money coming back is not reused, it just negates on the balance sheet what they have spent, the financial deficit being the difference between money they spend out & what they tax back in a year, with the National Debt being the aggregate of all those year on National Debts. What it does show is that allowing the ultra rich & massive corporations to NOT pay their taxes, is exacerbating the problem of the deficit & the national debt.