Since when was private property in the "Wealth" of land, non-renewables, intellectual property, and shares in joint stock corporations - which constitutes a huge part of our stock of wealth - "delayed consumption"?
Taxation of the privilege of private property in land eg a "Location Benefit Levy" or a tax on land rental values, is perhaps the simplest, and certainly least avoidable, tax there is.
Even Milton Friedman said it was the "least bad" tax, and Martin Wolf - no pinko subversive, he - was suggesting it again in the FT only a day or so ago.
Likewise Corporation Tax should be abolished (double taxation again) and replaced by a "Limited Liability Levy" on gross corporate revenues, collected at the transaction clearing level.
Such a tax on the privilege of limitation of liability would again be simple, equitable, and unavoidable. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
