{"id":12070,"date":"2015-07-15T19:37:10","date_gmt":"2015-07-15T23:37:10","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=12070"},"modified":"2015-07-15T19:37:10","modified_gmt":"2015-07-15T23:37:10","slug":"could-a-new-property-tax-save-the-economy","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/","title":{"rendered":"Could a new property tax save the economy?"},"content":{"rendered":"<p>Interesting article by Robin Christie | 16 Jul 2015<\/p>\n<blockquote><p>Property levies could be the key to fixing state and territory budgets, and could raise as much as $7 billion a year, the Grattan Institute has claimed.<\/p>\n<p>Grattan\u2019s \u2018Property Taxes\u2019 report&#8230;..explores how imposing a broad-based property levy could help Australia\u2019s state and territory governments to boost their deteriorating budgets.<\/p>\n<p>According to the report, a levy of just two dollars for every $1,000 of unimproved land value would raise $7 billion a year.<\/p>\n<p>&#8230;&#8230;.While it accepts that property taxes can be unpopular because they are highly visible and hard to avoid, it states that they are also both efficient and fair. In addition, it argues that property taxes don\u2019t change incentives to work, save and invest.<\/p>\n<p>\u201cOur proposal is manageable for property landowners, and protects low-income people,\u201d said Daley. \u201cLow-income retirees with high-value houses could defer paying the levy until their house is sold.\u201d<\/p>\n<p><strong>Key points<\/strong><\/p>\n<p>According to the paper, other key arguments in favour of property taxes include:<\/p>\n<p>Unlike capital, property is immobile \u2013 it cannot shift offshore to avoid taxes.<\/p>\n<p>Over the last 25 years, taxes on property and property transactions have been the only significant growth taxes for states, with revenues keeping pace with the economy.<\/p>\n<p>Shifting from stamp duty to a property levy would provide more stable revenues for states, and add up to $9 billion in annual GDP.<\/p>\n<p>\u201cConcerns about the risks of multinational tax avoidance, the increasing mobility of capital around the world, and the increasing value of residential property relative to incomes, should make property taxes a priority in any tax reform,\u201d states the paper.<\/p>\n<p>\u201cHigher property taxes could also be used to fund the reduction and eventual abolition of state stamp duties on property. Stamp duties are among the most inefficient and inequitable taxes available to states, and their revenues are inherently volatile.\u201d<\/p><\/blockquote>\n<p>Abolition of stamp duties would remove the temptation for State governments to restrict land release, driving up prices in order to increase stamp duty revenue. But high prices act as a deterrent for young families to purchase their own homes. Land taxes instead would create an incentive for states to release new land for development, widening property ownership and their tax base.<\/p>\n<p>Read more at <a href='http:\/\/finsia.com\/news\/news-article\/2015\/07\/15\/could-a-new-property-tax-save-the-economy'>Could a new property tax save the economy?<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interesting article by Robin Christie | 16 Jul 2015 Property levies could be the key to fixing state and territory budgets, and could raise as much as $7 billion a year, the Grattan Institute has claimed. Grattan\u2019s \u2018Property Taxes\u2019 report&#8230;..explores how imposing a broad-based property levy could help Australia\u2019s state and territory governments to boost &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Could a new property tax save the economy?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,28],"tags":[2066,3221],"class_list":["post-12070","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-taxes-inequality","tag-land-taxes","tag-stamp-duties"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Could a new property tax save the economy? - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Could a new property tax save the economy? - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Interesting article by Robin Christie | 16 Jul 2015 Property levies could be the key to fixing state and territory budgets, and could raise as much as $7 billion a year, the Grattan Institute has claimed. Grattan\u2019s \u2018Property Taxes\u2019 report&#8230;..explores how imposing a broad-based property levy could help Australia\u2019s state and territory governments to boost &hellip; Continue reading &quot;Could a new property tax save the economy?&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-15T23:37:10+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Could a new property tax save the economy?\",\"datePublished\":\"2015-07-15T23:37:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/\"},\"wordCount\":385,\"commentCount\":36,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"land taxes\",\"stamp duties\"],\"articleSection\":[\"Australia &amp; NZ\",\"Taxes &amp; Inequality\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/\",\"name\":\"Could a new property tax save the economy? - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2015-07-15T23:37:10+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Could a new property tax save the economy?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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Yves Smith points out: Income and sales taxes add to the price of doing business, and hence reduce their supply and competitiveness. Most economists \u2013\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9837,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/20\/use-land-taxes-to-plug-budget-holes-macrobusiness\/","url_meta":{"origin":12070,"position":1},"title":"Use land taxes to plug budget holes || Macrobusiness","author":"ColinTwiggs","date":"May 20, 2014","format":false,"excerpt":"Great post from Unconventional Economist (reproduced with kind permission from Macrobusiness) gets to the heart of the current budget stoush. Cross-posted from David Collyer at Prosper Australia Sometimes, through the smoke and fireworks of the national debate a political commentator sees the path forward and points the way. Today in\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Land Taxes","src":"https:\/\/i0.wp.com\/www.macrobusiness.com.au\/wp-content\/uploads\/2014\/05\/ScreenHunter_18-Jul.-05-10.22-200x200.gif?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12515,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/11\/15\/the-planned-obsolescence-of-the-public-interest-on-line-opinion\/","url_meta":{"origin":12070,"position":2},"title":"The planned obsolescence of the public interest | On Line Opinion","author":"ColinTwiggs","date":"November 15, 2015","format":false,"excerpt":"Great example of how land taxes can be used to fund new infrastructure, from Karl Fitzgerald, Projects Coordinator for Earthsharing Australia: After decades of tax reviews, Treasury is finally modelling the effect of Land Taxes on the macroeconomy..... Former New York Mayor Bloomberg grasped the economic potentials by reaching out\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13158,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/","url_meta":{"origin":12070,"position":3},"title":"Land tax is needed but won\u2019t happen | Macrobusiness","author":"ColinTwiggs","date":"April 16, 2016","format":false,"excerpt":"By Leith van Onselen. Reproduced with kind permission from Macrobusiness. The Australian\u2019s Adam Creighton has written a ripper post explaining why, in the wake of tax avoidance scandals (e.g. multinational and the Panama Papers), a broad-based land tax is needed more than ever, but will never see the light of\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Taxes","src":"https:\/\/i0.wp.com\/www.sonofabroker.com\/wp-content\/uploads\/2014\/06\/taxes-300x181.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9323,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/03\/03\/deflating-australias-land-bubble\/","url_meta":{"origin":12070,"position":4},"title":"Deflating Australia\u2019s land bubble","author":"ColinTwiggs","date":"March 3, 2014","format":false,"excerpt":"Great post by Leith van Onselen Reproduced with kind permission from Macrobusiness.com.au. Prosper Australia has provided a submission to the Senate Inquiry into Housing Affordability, which is well worth a look. The submission first provides nine metrics illustrating Australia\u2019s residential property bubble, which include the following: It took forty years\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"ScreenHunter_18 Jul. 05 10.22","src":"https:\/\/i0.wp.com\/www.macrobusiness.com.au\/wp-content\/uploads\/2014\/03\/ScreenHunter_18-Jul.-05-10.22-200x200.gif?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6839,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/02\/in-support-of-land-taxes\/","url_meta":{"origin":12070,"position":5},"title":"In support of land taxes","author":"Colin Twiggs","date":"March 2, 2013","format":false,"excerpt":"Thanks to Alex Fletcher who submitted this as a comment: From a purist point of view I believe Geolibertarianism is the moral philosophy that should guide taxation:- \u201cGeolibertarians are advocates of geoism, which is the position that all natural resources \u2013 most importantly land \u2013 are common assets to which\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/12070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=12070"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/12070\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=12070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=12070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=12070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}