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No. It's time to tax privileges such as private property in Commons such as land and therefore to redistribute Capital and unearned income.

On this, I am in full agreement with you. But it is not incompatible with high marginal income tax rates. I suppose it depends whether taxes on rent would be enough for all public spending needs.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Wed Aug 22nd, 2007 at 05:06:23 AM EST
[ Parent ]
Strangely enough, even Wolf is in favour of a land value tax as the most "efficient" mechanism for taxing development gains etc.

Friedman himself took this

 The least bad tax is the property tax on the unimproved value of land - the Henry George argument of many, many years ago

view...

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Wed Aug 22nd, 2007 at 05:20:26 AM EST
[ Parent ]
If Wolf and Friedman are for it, it's unlikely to be a good idea.

What's wrong with a punitive super-tax rate on high-end capital gains, and closing tax loopholes to make offshoring and other avoidance scams - like leveraged buyouts - very much less profitable?

by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed Aug 22nd, 2007 at 05:31:38 AM EST
[ Parent ]
If Wolf and Friedman are for it, it's unlikely to be a good idea

Even broken clocks are right twice a day...

 What's wrong with a punitive super-tax rate on high-end capital gains, and closing tax loopholes to make offshoring and other avoidance scams - like leveraged buyouts - very much less profitable?

Great in principle, but not easy in practice.

The beauty about land value taxation is that land, unlike people, is not mobile.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Wed Aug 22nd, 2007 at 05:41:12 AM EST
[ Parent ]

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