Hurrah! The media have finally started to notice that St Vincent of Cable is talking out of his arse. Pity it's only the Mail. But this man was trained economist, working for über-capitalists, Shell. I can only assume that he was gang-raped by the board or something equally horrid to make him come up with the loopy idea of taxing people for their possessions.
What a fucking cunt!
PS If you don't already read Simon Carr, you absolutely should!
1 comment:
"the loopy idea of taxing people for their possessions"
*sigh*
A government, however small, as to get tax from somewhere, and what you can tax boils down to two things: productive activity or land values. If you tax the former, you get less of it, which is bad all round (and as AC1 always says, why is somebody's time and effort not their "possession"? To whom else does it belong, pray tell?).
If you tax the latter, do you get less land? Nope. The value goes down, that's all. It's like having higher interest rates on mortgages (only much better -> dampens property price bubbles, which as we well know always burst sooner or later, i.e. lead to recessions).
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