Proposing asset tax

[philipjohn]

The basics of a proposal really, I think it might need more but interested in thoughts.

[Floppy]

This seems like a sensible idea, though I am not an expert on such matters. I think it would be a superset of a Land Value Tax, which is something I was considering proposing, so I'm in on this one. 👍

[PaulJRobinson]

I'm much more in favour of taxing wealth than income, as it states in the section that would be replaced. Could we make it clear that income taxes would be reduced as part of this process in order to rebalance the system?

[philipjohn]

I've just reinstated the harmonisation bit which I think needs to stay as it's very sensible.

Is that what you meant by the rebalancing of the system @PaulJRobinson ?

[PaulJRobinson]

Not quite, but good enough. I'd like to go further and have income taxes levied at lower rates than wealth based taxes, as we should be encouraging people to increase their income but discouraging the accumulation of assets. But I'm happy enough for a 👍

[mjnaber]

Yes, I think you're right. I just worry about those unscrupulous people that might turn assets into pension fund by some devious route to avoid paying tax, but I guess that addressing that is too much detail for what we're doing here. 👍

[Floppy]

👍 from me also. Yay!

[Floppy]

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