A RELEVANT EXPERT

 

miranda stewart

 

Time to choose what kind of tax system we want

“The income tax exemption for the home should likely be retained – but we should be taxing those who have a home more comprehensively with a land tax – while removing duties, helping housing affordability. Such a change is underway in the Australian Capital Territory and has been proposed in South Australia.”  – Miranda Stewart, Professor and Director, Tax and Transfer Policy Institute, Crawford School of Public Policy at Australian National University

 

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LAND

See the late great Margrit Kennedy put land in perspective.

[Acknowledgement to Maireid Sullivan’s Global Art Collective website.]

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IN BRIEF

debt

 

 

 

 

 

 

 

 

 

 

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TOP DISCUSSION AT MACROBUSINESS

interest rates

 

 

http://www.macrobusiness.com.au/2015/02/dads-army-presses-panic-button/

 

 

 

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GREECE

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JOE HOCKEY SHOWS HE STILL DOESN’T GET IT

HockeyWHO IS REALLY STEALING AUSTRALIANS’ WELFARE? (THE REAL WELFARE BILL!)

There was Treasurer Joe Hockey at Question Time in parliament today, still glorying in the fact that his government has abolished the mining tax!

Joe, please understand this: the economic rents of our natural resources and government-granted privileges are a SURPLUS in the production process. They are not part of wages or profits, but are a community-created surplus.

As such, economic rents do not belong as a bonus to mining companies over and above their profits, or to landholders, or to those who have licenses to the electromagnetic spectrum, etc.  They belong, equally, to all Australians and are therefore the natural source of revenue.

To the extent that we do not capture these and other economic rents–and it is vast–those who are permitted to privatise and monopolise them are existing parasitically on Australians’ welfare.

These rent-seekers are the leaners, Joe: workers and businesses are the lifters.

Get rid of welfare for the rentier class, Joe, because the welfare system is much more than the $150 billion you talk about.  Taxing workers and business into penury and unemployment–as the tax regime encourages property bubbles–has generated economic depression in Australia.

But you haven’t a clue about rentier parasites, do you, Joe?  Nor does your boss.

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DEBT HAS ROBBED GLENN STEVENS OF HIS MOJO

glenn stevens

 

 

Household debt, that is.

 

 

 

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SAVING OUR AAA RATING

Prosper Australia’s David Collyer responds to a MacroBusiness ‘modest’ proposal for a 1% tax on homes.

(Well that’s getting there, Houses ‘n Holes, but what about vacant land and comm/industrial property?)

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david collyer“We are at the unhappy juncture where young adults are excluded from home-ownership, many owners are trapped in houses that no longer match their needs, so-called investors are taking horrendous risks with debt, and government is too frightened to adjust policy in case it crashes the economy.

The urgent and important change before us is land reform – so all may reasonably aspire to own a parcel and the independence, privacy and security it provides. But that high principle of the Australian settlement – originally held by left and right, rich and poor – has been defeated by a conga line of ticket clippers pursuing a zero-sum game of sectional advantage. We know allowing all to flourish is the path to universal prosperity – genuine win-win. The sooner we resume that, the sooner we can depart our current difficulties.

Australian voters have been trained to bristle when anyone talks tax reform. Their lived experience is that any and all reforms hurt them and transfer cold hard cash to the one per cent.

Nobody likes writing a cheque to the government; and government wants a quiet life. But the cost of our suite of taxes, notable for their construction wherein the statutory incidence falls on one party and the economic incidence on another, now costs us about 5-6 per cent of GDP in deadweight losses. Government collects 24 per cent of GDP while we pay 30 per cent.

The welfare losses here are staggering. We drive with the handbrake on. The case for land reform and tax reform makes itself.

A nil-exemption land tax – whether state or federal – would correct much of these distortions. It would give government the fiscal space to remove those 125 taxes Ken Henry was so rude about.”

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MELBOURNE HOME BUYERS FORCED TO THE FRINGE

Melbourne

 

See Christina Zhou’s land price table in THE AGE

 

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“AGE” CARTOON SAYS IT ALL

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