You won’t find ads like like this in Australia!
…. OF THE ILLS STEMMING FROM OUR FAILURE TO CAPTURE THE RENTS FROM OUR NATURAL RESOURCES
- Increasing land prices (which are the private capitalisation of uncaptured public rent) which have led to speculative ‘investment’ in housing, and to unaffordable housing for our young
- Declining real wages
- Declining business profits
- Rent-seekers becoming wealthy by inflating asset bubbles at great cost to the wider community
- A widening gap between the super-wealthy (the rentier 0.1%) and the increasingly debt-laden 99.9%
- Increasing sell-offs of natural monopolies held by government which have yielded public rents (viz, gas, electricity, airports, freeways, etc.) i.e. “Selling off the silverware provided by our predecessors”
- Underfunding of education, health, welfare and infrastructure sectors of the economy
- Increasing environmental degradation as a result of not capturing the publicly-generated rents of our land and natural resources
- Increasing dispossession, poverty and crime
- A political regime wedded to parties that support finance, insurance and real estate (the ‘FIRE’ sector) ahead of its people. “FIRE is a good servant but bad master”
- Increasing urban agglomeration, rather than decentralisation
- Massive deadweight inflicted upon the economy by arbitrary taxation
People may claim that leeching rent-seekers (and their friends who, in turn, feed off them) would never allow a revenue switch from taxes on goods and incomes to natural resource-based rents, but what’s not to like about reversing this list of worsening social pathologies?
After seven years, how much closer (between zero and 1%) has the Liberal Government decision to cut company tax for businesses having a turnover of $50 million or less to 27.5% brought us to the recommendations of Australia’s Future Tax System (‘The Henry Tax Review’)?