FINANCIAL SECTOR INQUIRY

Now there’s a brief but solid submission from Kavanagh, Bryan!    :)
 

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ECONOMICS HAS SOME BASICS ….

…. BUT WE’RE BREACHING THESE …

Work creates wealth. Working shouldn’t be taxed, because penalising work gives all the wrong signals, encouraging speculative activity and creating vast wealth differentials.

Owning land per se doesn’t create wealth, but location, size, shape, topography, services, infrastructure, population and transport bring general amenity, generating an annual income to individual sites.  The income from land is the proper subject of revenue, because the owner of the site didn’t create it.  Everything external to the site did.  We should pay society for the value of the relative privilege expressed in the annual value of our site.

Failure to acknowledge and act upon self-defeating tax regimes–that is, continuing to tax people and businesses for working–is a recipe for economic and social disaster - anywhere.

Look around you. Look how many things are going awry overseas in connection with land/territory–Israel/Palestine, Syria, Iraq, the Ukraine, etc.–for flawed land and taxation regimes.  It’s not a pretty sight, is it?  Fortunately, it’s not matched by the same level of social disaster at home, but it is latent as we sell off our public utilities, face unaffordable housing, bad budgets, rising unemployment, and so on.

We should definitely not be trying to treat all the pathologies that spill out of these errant tax regimes.  It won’t work. We need to fix the economies by genuine revenue reform–and start literally from the ground–along the lines suggested by the Henry Tax Review 2008, for example: “economic growth would be higher if governments raised more revenue from land and less revenue from other tax bases”.

Then, you won’t have Tweedledum and Tweedledummer political parties promoting speculation.

Then you will be able to remedy environmental destruction, poverty, health, education, social and international strife.

Then you will have funding for science and the arts.

By starting at the wrong end—endeavouring to deal with the problems generated by failed tax regimes—we’re simply digging deeper holes for ourselves.

But the 1% are committed to fighting for things as they are, and for the moment, they have all the say.

 

Letter-n-cartoon0002-1024x559

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MELBOURNE 31 AUGUST

Sunday march

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PUT ‘EM TOGETHER AND WHAT HAVE YOU GOT? BIBBETTY, BOBBITTY, BOO!

http://www.theage.com.au/business/spring-in-the-property-market-may-be-a-leap-too-far-20140829-109vrm.html  (“But haven’t we reached a permanently high plateau?”)

http://www.theage.com.au/business/banks-demand-bailout-protection-20140829-10a7en.html   (“Leave us alone with our failed risk management!”)

 

Earned-Incomes

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[AN ANONYMOUS TREASURER]

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SHOULD HOMEOWNERS BE BRACING FOR A DIVE?

Wiley 200x200

 

THE NEW DAILY

 

 

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ONLINE OPINION

ECONOMIC RENTS MUST BECOME PART OF THE PUBLIC DISCOURSE

I’ve run three of my recent posts together for an article published in Online Opinion today.

what-does-the-1-think-of-occupywallstreet-full

Also worthy of note - in today’s AGE:-

http://www.theage.com.au/business/reserve-bank-says-increasing-home-loan-competition-could-risk-financial-stability-20140827-108zk7.html

http://www.theage.com.au/business/banking-and-finance/too-big-to-fail-hands-big-banks-45-billion-subsidy-20140827-108xta.html?skin=text-only

 

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AFR INTERVIEWS LINDSAY DAVID

lindsay david

 

 

http://www.afr.com/p/business/property/the_shire_property_prophet_of_doom_OdlEbUSxO36KhevXcHLG0I

 

 

 

 

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“WHERE’S THE GOLDEN GOOSE?”

Joe

 

 

In Question Time in the House of Representatives, I just saw Treasurer Joe Hockey ask:  “Where’s the Golden Goose that’s going to lay the Golden Egg?”

Just look up “Economic Rent”, Joe.  That’ll allow you to abolish punitive taxes on businesses, workers and thrift – and to discover the Golden Egg!

 

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WHAT DOES THIS SAY ABOUT THE MORALITY OF TONY AND JOE?

minersYes, as you say Tony Abbott and Joe Hockey, we certainly do understand if this rotten budget isn’t passed taxes may have to be increased.

But you won’t acknowledge it’s about FROM WHERE we get our taxes, otherwise you wouldn’t be glorying in the fact that you’re abolishing the mining tax.  We NEED a mining tax guys, preferably like the original mining tax which would have brought mining in line with Australia’s non-controversial petroleum tax. Perhaps you might try to explain the difference between a resource rent on mining and one on petrol? Why shouldn’t we seek a fair return on both?

Maybe you’re acting as tools for those speculators in Australia’s land and natural resource rents who have got us into the impending economic devastation? Allowing them to hunker down during the crash?

I know the Labor alternative is also running scared of the Henry Tax Review recommendations fellas, but it would be nice if you’d stop giving Australia’s biggest rent-seekers a free ride whilst you seek to penalise business, workers and the poor.

You’re treating Australians as mugs.

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