The Bank of England explains how commercial banks create money out of thin air.
In the modern economy, most money takes the form of bank deposits. But how those bank deposits are created is often misunderstood: the principle way is through commercial banks making loans. Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.
This. means the government does not need your taxes to pay for anything. Money is created by banks, it is not a finite entity like gold or Bitcoin.
So why do we need taxes???
https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy