Thanks to M.R.
Richard Murphy once again proposes to reform a tax system, which is already biased towards capital and is regressive.
Richard Murphy is Professor of Practice in International Political Economy, City University of London. He campaigns on issues of tax avoidance and tax evasion, as well as blogging at Tax Research UK
Cross posted from Tax Research UK
There has been some welcome discussion of wealth taxation of late. Given the scale of wealth inequality in society this is overdue. But in this context, it is important to discuss the subject appropriately.
There is, of course, an economic concept of wealth. This, in my opinion, explains stores of value. What this concept does not do is explain capital, which is something quite different.
There is also a legal concept of wealth. This is the claim, backed by law, to exercise control over an asset.
And there is a metahysical concept of wealth. This relates to the power that the exercise of wealth affords to the person in possession of it, and the consequent reaction amongst those impacted by the decisions of those with that power.
What all three concepts make clear is that wealth is not a thing: it is instead a human construct that could not exist without the support of the society that sustains it. Den Rest des Beitrags lesen »