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Increase property taxes to curb rising inequality
Topic Started: 10 Oct 2016, 08:45 AM (1,156 Views)
Simon_S
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Increase property taxes to curb rising inequality: Thomas Piketty's first Australian interview

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Australia should boost taxes on wealthy property owners to curb rising inequality that is eroding Australia's "egalitarian ideal", according to French economist Thomas Piketty.


What raise taxes........LOL

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Rufus
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Simon_S
10 Oct 2016, 08:45 AM
Breaking news

"Well paid and high profile economist who should have known better but didn't wants the wealthy taxed heavily to transfer wealth to her"
Take risks - if you win you will become wealthy, if you lose you will become wise
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Will
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Simon_S
10 Oct 2016, 08:45 AM
A land tax?

After I've paid income tax, GST, rates and water, car rego, fuel excise, superannuation surcharge, forced to pay money for private health insurance which covers me for nothing, fines for been human, other government charges.

I've got a better idea. How about after I'm dead, take a proportion of what's lefts over!! FFS is that so hard!
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Foxy
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Zero is coming...

I agree, lift property taxes on investment homes.

Peter
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Strindberg
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Yes, as suggested in the OP, one way to reduce wealth inequality is to make the richer poorer by confiscating their wealth.
Housing costs to Income broadly unchanged since 1994 - re-ratified here
The People of Australia have the highest median wealth in the World
2002-2012 10 year house price growth the SLOWEST since 1952-1962
"There are two kinds of people in this world: ones that fiddle around wondering whether a thing's right or wrong and guys like us." (Hugo to Gagin in Ride the Pink Horse)
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Trollie
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He's french, that's all you need to know to dismiss his views on taxation in Australia
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casio
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Getting economic advice from a French man great, and France's economy is doing so well. Don't we have enough socialists already in this country without importing more.

If you want to see Australia future have a look at Greece and Argentina. Both high taxing countries with a large black cash markets and out of touch government elites imposing more and more laws and taxes. The cash economy is already massive here, I cant see it getting any smaller.
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herbie
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foxbat
10 Oct 2016, 10:37 AM
I agree, lift property taxes on investment homes.

Peter
I think it's meant to include homes as well Musty.

Plus farms of course if one is a true blue, fair dinkum, ridgy didge, dinky-di Georgist.

Somehow I doubt Pauline's gunna 'like it' though? :) : http://www.theaustralian.com.au/news/nation/pauline-hanson-puts-home-up-for-sale-as-she-prepares-to-move-to-britain/story-e6frg6nf-1225830482711

But maybe as a good ole QLD gal, she could take some consolation from the fact it would most heavily impact Sydneysiders 'n Melbournians - 'Cause that's where tha most wealthy of tha nation's "wealthy property owners" (well, tha residential home owner ones anyway), seem to be these days?
Just as an aside, one thing I could never get my head around, was why The Ken Henry Tax Report recommended taxing the land value of individual properties, rather than the aggregate value held by individual owners/entities. (With the latter being how it's done now.)

But I reckon I just might have finally figured it out:

Primary reason is that while the way it's done now (taxing the aggregate value held by individual owners/entities) might be sort of halfway acceptable to small 'ma 'n pa' type investors (leastways 'til they hit the threshold - Like poor ole Musty's done), it's simply prohibitive for full-on big time truly 'professional' investor type entities - Like 'big' (industry?) super funds or wotever. (Hey, gov really would like your super out there being put to good use providing social housing boys 'n girls - So they don't have to do it.)

With a secondary reason being that it's just a bit difficult trying to track who the 'true' ownership entity is for the purpose of aggregating land values for tax purposes when land can be held by individuals as well as all sorts of different trust and company structures. (Plus others maybe? - Wot with me not being anywhere NEAR full bottle on such stuff.)

Edited by herbie, 10 Oct 2016, 12:39 PM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Rufus
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Strindberg
10 Oct 2016, 11:12 AM
Yes, as suggested in the OP, one way to reduce wealth inequality is to make the richer poorer by confiscating their wealth.
That's true, but the state government has already taxed the buyer through developer contributions and stamp duty.

It's just too late to reverse all of that. Once a system of taxation is in place it's unfair to introduce double taxation. It could only be introduced for "new" transactions and grandfather existing arrangements, and that would mean a reduced income for the states until all existing owners had died or sold. The transition time would be over a couple of generations.
Take risks - if you win you will become wealthy, if you lose you will become wise
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b_b
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Interesting that the best idea to reduce the cost of housing is to increase the cost of housing.
(S – I) + (T - G) + (M - X) = 0
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