The U.K. Treasury should tell banks receiving investment from the government to close their operations in offshore tax havens, said Vince Cable, a Liberal Democrat lawmaker who speaks on finance.
``It seems totally inappropriate for banks funded by the taxpayer to be systematically avoiding British tax or helping customers to do so,'' Cable said in an interview. ``The anomaly of the nationalized banks will bring this issue to a head.''
This does of course follow up on this story.
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Dear Richard,
Pardon me but if the current tax-take of a country is 100 and
the unimproved land rents also rise to 100 after all other taxes are (gradually) cancelled then:-
“land taxes=previous taxes on work,savings and trade” when land taxes are 100% of land rents.
They should become 100 according to Ricardo’s Law of rent. If they do not become 100 but more or less then an equalising factor has to be applied.
This is sometimes also known as the nationalisation of land rents, not land, and the simultaneous privatisation of personal taxes.
Ricardo is always relevant to tax issues because his rent is a natural law like gravity and the speed of light. The “surplus” that we pay in personal taxes [higher wages and salaries] and profits is crystalised into surplus land revenues when the other taxes are cancelled.
Apart from this I much enjoy your site!
Regards,
Peter Meakin Registered Professional Valuer Chairman SACPRIF Management Committee 4, Violet Rd Claremont 7708
Fax 086 6034349
Cell 082 977 4429
TAX TERMINOLOGY:
Dear Sir,
Could the concepts of theft taxation and incentive taxation be employed in helping to describe the tax situation. i.e: Theft taxation is where the mentality is that of quite simply seeing that someone has got something that you want and taking it away from them. It is a very simple mentality and takes no or very little consideration of consequences. It is like maiming the goose that lays the golden eggs – very simple. Incentive taxation we all know about: If an activity is taxed to a certain degree and the tax is then lowered, that activity will be encouraged to increase to the extent that the overall tax revenue from that activity will be increased. These principles are present in the question of land value taxation and might help to put it accross in another way that can be more readily understood by the doubtful.
Perhaps you could forward this statement to someone who might be interested.
Peter Fletcher