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Ricardo's Law - House Prices and the Great Tax Clawback Scam (Hardcover, New)
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Ricardo's Law - House Prices and the Great Tax Clawback Scam (Hardcover, New)
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List price R606
Loot Price R208
Discovery Miles 2 080
You Save R398 (66%)
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'...without a knowledge of [the law of rent], it is impossible to
understand the effect of the progress of wealth on profits and
wages, or to trace satisfactorily the influence of taxation on
different classes of the community' David Ricardo. When New Labour
came to power it was on a wave of enthusiasm, based on the belief
that, by abandoning Clause 4 and embracing humane market economics,
they could usher in a more equitable social order - Blair's 'Third
Way'. After three terms in office, they failed. The reason,
Harrison reveals, is a hidden flaw in the market economy, which
means that governments of all parties, who rely on the present tax
system, transfer money from people on the lowest incomes to
asset-rich investors. This was not the intention of the designers
of the Welfare State: 'progressive taxation' was supposed to
equalise people's life-chances. The reality emerges as the author
traces the effect of taxes used to pay for public services. The
process has remained unrecognised because the transfer operates
unseen through the 'invisible hand' of market forces. Harrison
exposes how this works by analysing the property market. Owners of
high-value homes recoup what they pay in taxes through rising
property prices. Much of this increase is the result of tax-funded
state spending on infrastructure and public services - good state
schools, for example, can add GBP20/30,000 to house prices.
Lower-income earners, living in less desirable locations, and
families who rent their homes, do not share this windfall. This is
why the gap between rich and poor, and rich areas and poor areas,
continues to widen, defeating the best intentions of governments.
This outcome is not the result of market failure, as many argue,
but the failure of governance. Economists and policy-makers choose
to ignore the Law of Rent, also known as Ricardo's Law after the
economist who provided the first scientific explanation of how it
works.
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