{"id":9837,"date":"2014-05-20T23:01:19","date_gmt":"2014-05-21T03:01:19","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=9837"},"modified":"2014-05-20T23:01:19","modified_gmt":"2014-05-21T03:01:19","slug":"use-land-taxes-to-plug-budget-holes-macrobusiness","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/20\/use-land-taxes-to-plug-budget-holes-macrobusiness\/","title":{"rendered":"Use land taxes to plug budget holes || Macrobusiness"},"content":{"rendered":"

Great post from Unconventional Economist<\/em> (reproduced with kind permission from Macrobusiness<\/a>) gets to the heart of the current budget stoush.
\n\"Land<\/p>\n

Cross-posted from David Collyer at Prosper Australia<\/a><\/em><\/p>\n

Sometimes, through the smoke and fireworks of the national debate a political commentator sees the path forward and points the way.<\/p>\n

Today in the Australian Financial Review<\/em>, Alan Mitchell takes a far-sighted approach<\/a> to the crisis provoked by the Abbott government in its attempt to raise and broaden the GST.<\/p>\n

The Liberal Party has long been host to the clearest thinkers on the federal system embedded in Australia\u2019s Constitution. Malcolm Fraser tried to unravel the \u2018Canberra taxes, States spend\u2019 dilemma that divorces revenue raising from program responsibility.<\/p>\n

Civic society demands taxes and spending be tightly linked for accountability and fair scrutiny. Transparency is an essential feature of good government.<\/p>\n

The first Abbott\/Hockey budget seeks to end $80 billion in federal transfers to the states for health and education. The game plan is to force the states to beg for a tax on food.<\/p>\n

Mitchell has a better idea, based on the principle of subsidiarity. This directs that matters ought be handled by the smallest, lowest or least centralised competent authority. Central government should perform only those tasks which cannot be performed at a more immediate or local level. This includes taxation.<\/p>\n

State governments have quality tax bases \u2013 they just choose to use bad taxes and blame distant mandarins in Canberra for their self-imposed weakness. Voters struggle to see which level of government is responsible for which stuff-up.<\/p>\n

Mitchell:<\/p>\n

\n

\u201cIn fact, they have all the efficient tax bases they need to raise a very large share of the spending now financed by grants from Canberra.<\/p>\n

\u201cThey just prefer not to use them. They would rather rely on federal money and complain about \u201cvertical fiscal imbalance.\u201d<\/p>\n

\u201cVertical imbalance is largely a myth perpetuated by state politicians who would rather avoid the responsibility for raising their own taxes.<\/p>\n<\/blockquote>\n

Good can come from this Abbott\/Hockey confected crisis. The Premiers are under no obligation to follow Canberra\u2019s lead and destroy their narrow political capital by assuming responsibility for raising and broadening the regressive GST.<\/p>\n

The states could instead take up the reforms urged on them by every genuinely independent tax review in living memory.<\/p>\n

\n

\u201cResidential land tax also should be revived, and the most convenient way to do that probably is for state governments to gradually transfer more responsibilities to local government.<\/p>\n

\u201cLocal government land rates based on unimproved property values are an efficient form of land tax, and while no one would enjoy paying higher rates, increased community control of schools, for example, might be quite popular. The availability of reverse mortgages also makes it more feasible for governments to rely more on the taxation of residential land.<\/p>\n<\/blockquote>\n

State governments are sovereign. They do have choices. Rather than submit to a very bad deal from Canberra, they can reform themselves \u2013 and make Prime Minister Abbott responsible for the political costs of good public policy.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 the Australian Financial Review, Alan … <\/p>\n

Continue reading “Use land taxes to plug budget holes || Macrobusiness”<\/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":[40,5],"tags":[1631,2066,3279,3578],"class_list":["post-9837","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-economy","tag-gst","tag-land-taxes","tag-subsidiarity","tag-user-pays"],"yoast_head":"\nUse land taxes to plug budget holes || Macrobusiness - 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=\"Use land taxes to plug budget holes || Macrobusiness - the patient investor\" \/>\n<meta property=\"og:description\" content=\"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. 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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 "Australia & NZ"","block_context":{"text":"Australia & 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":13068,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/01\/megalogenis-australian-panic-macrobusiness\/","url_meta":{"origin":9837,"position":5},"title":"Megalogenis: Australian Panic! | MacroBusiness","author":"ColinTwiggs","date":"April 1, 2016","format":false,"excerpt":"From Unconventional Economist at Macrobusiness: .....George is back, this time with The Australian Panic in a new Quarterly Essay: In this urgent essay, George Megalogenis argues that Australia risks becoming globalisation\u2019s next and most unnecessary victim. The next shock, whenever it comes, will find us with our economic guard down,\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & 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\/9837","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=9837"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/9837\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=9837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=9837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=9837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}