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Ricardo's Law ~ The Great Tax Clawback Scam



Uploaded by: lyrebirdchannel
Video Description:
Introduction to the book, 'Ricardo's Law ~ House Prices and the Great Tax Clawback Scam' by Fred Harrison: http://www.fredharrison.org
Ricardo's Law points lawmakers, policy analysts and social reformers toward a model of public finances that is fair and would deliver prosperity to everyone.
Published by Shepheard-Walwyn: http://www.shepheard-walwyn.co.uk


Tags for this video: classical Clawback David economics Great Law of rent Ricardo Ricardo's Scam Tax The

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And so the story ... ( 8 months ago by walbottle)
And so the story unfolds today. House price collapse and economic meltdown in 2008, just like Fred Harrison predicted in his book Boom Bust (written in 2005).
He warned Lawson in '83 about the crash of '90 and warned Brown on '97 about the crash of 2008. How many more times does this guy need to be proven right before we listen?
How many more ... ( 8 months ago by widdam)
How many more things are there lurking that we don't know about...?.. excellent video, and i agree, we need more of this
How does it solve ... ( 7 months ago by b9yabberman)
How does it solve the issue? Any tax on land will be passed on to the tenants who rent or the consumers that buy products and services generated using the land. That will end up supporting what is now the status quo. The real culprit is monetary inflation that is the government driven silent tax that transfers wealth from the bottom end to the top.
A tax on land ... ( 7 months ago by lyrebirdchannel)
A tax on land cannot be passed on by the owner. E.g. when government taxes developments, developers negotiate DOWN the price they pay to land owners by a sum equal to the development tax. If the land owner resists, saying: "Why don't you pass the tax on to the people who will buy your houses?" the developer answers: "We can't. We are already charging the full market price the market will bear". The land owner has the choice of withdrawing from the market, or selling at the lower price.
What is absurd ... ( 7 months ago by Searle8)
What is absurd about all this is that taxation of any sort is no longer necessary in the 21st century...see my project in progress called Transfinancial Economics (see the p2p foundation entry on it which gives the most up-to-date info on the subject)
...instead tax ... ( 6 months ago by BubbFromGEI)
...instead tax property, especially those in prime locations, this is approximately what happens in Hong Kong. A huge part of government revenues comes from property taxes. Taxes on income are limited to a MAXIMUM of 16%. And many people in HK pay no tax at all.
Could this be why the average person in HK is seeing an increase in their incomes, while poor in London or NY, are seeing no increase in their real disposible incomes at all, especially when this is figured on a after-tax basis.
i dont agree, the ... ( 5 months ago by takewhole)
i dont agree, the people that really benefit from the system are the lazy great unwashed. No Work, no paying taxes, free hospital, free dental, free medical, free house, free money, no council tax, free prison services, free rehab services, dedicated probation officers, dedicated socila workers. Life is great when you have no responsibility and you get it all for free. Its the middle classses who get hit hard and blue collar workers who get hit the hardest. Not the elite rich not the super poor.
A tax on land ... ( 5 months ago by levlafayette)
A tax on land cannot be passed on as it does not affect the supply of demand or the demand for land. However, it does reduce the incentive to monopolise land REDUCING the market price.
Known by economists for centuries - even Adam Smith noted it in Wealth of Nations
" A tax upon ground-rents would not raise the rent of houses. It would fall altogether upon the owner of the ground-rent, who acts always as a monopolist and exacts the greatest rent which can be got for the use of the ground."
If we didn't tax ... ( 5 months ago by g0recki)
If we didn't tax income, maybe people who did live off benefits would be more inclined to work in the first place.
I totally agree ... ( 5 months ago by g0recki)
I totally agree with changing the system away from income tax. We should not be penalising people who are being productive. Taxes on consumption, inheritance and pollution are fair.
lets not forget ... ( 5 months ago by freedomfight2012)
lets not forget that a government should own and control it's central bank, and put an end to fractional reserve banking.
Fred when will you ... ( 5 months ago by LauraParkerSmells)
Fred when will you be writing the book charting the 2010 - 2028 cycle? A very good video from the renegade economist!!
Yes, in principle, ... ( 4 months ago by KaitainCPS)
Yes, in principle, the shift in the tax burden would be as follows:
Those owning no property pay less tax overall.
Working owner-occupiers of a single dwelling would pay more or less the same overall, as their new property tax would be offset by their slashed income tax.
Landlords and non-working owner-occupiers would pay more overall.
One thing that isn't clear to me: what happens after you've retired? Is it incumbent on you to build up sufficient money to cover all subsequent land taxes?
REPLY: Part 1 -- ... ( 4 months ago by lyrebirdchannel)
REPLY: Part 1 --Once the new fiscal system was in place, just about everyone's net incomes would be greater than before. So responsible people would be building up their private pensions. However, people now coming up to retirement would naturally be concerned about their future under the new arrangements. They ought not to be, because provision must be made for the transitional period. ....
REPLY: Part 2 --The ... ( 4 months ago by lyrebirdchannel)
REPLY: Part 2 --The policy initiative that would reassure elderly owners is the one in which they could opt NOT to pay the charge on their land value. Instead, by arrangement, the fiscal authority would take out a lien on the property, to reclaim the charges once the property was either sold (if the owner decided to downsize), or from the deceased's estate.
REPLY: Part 3 --The ... ( 4 months ago by lyrebirdchannel)
REPLY: Part 3 --The attraction of this is that the owner's disposable income, during her remaining years, would actually rise. This financial model, in effect, is already being applied today. Owners "withdraw equity" through mortgages from banks, which are reimbursed on death or sale.
but the rich dont ... ( 4 months ago by nokilt1)
but the rich dont really use the public transport and what not infrastructure
dont need pension etc
"We can't. We are ... ( 4 months ago by KaitainCPS)
"We can't. We are already charging the full market price the market will bear"
But if you're shifting the tax burden away from renters by reducing income tax and increasing land tax, why is it not the case that the market CAN now bear a higher price, because renters have more take-home pay (due to income tax being reduced)? Why doesn't this extra available cash end up going into the landlord's pocket?
True land values ... ( 3 months ago by RobnWatson)
True land values and hence rent would shift. However, land value tax would be charged as a percentage of land value, so any change in value would be at least partially matched by a change in land value tax. If land value is set to be the full rental value of the unimproved land, the landlord wouldn't gain any extra rental income after they've paid the tax. In this case, the land would have no tradable value, and in effect the beneficiaries of the tax become the landlords.
Not necessarily. ... ( 3 months ago by RobnWatson)
Not necessarily. The proceeds from a land value tax could be distributed as a pension, which would help cover any taxes. Also you could always move to a place where land is cheaper. The prime reason people live in dense cities is because it's where their work is. Once you retire you can save a lot of money in a number of ways by moving. This in turn makes it cheaper for people who do need to live there as you're no longer bidding up the price of land and other goods and services.
The value of the ... ( 3 months ago by magrathean0)
The value of the infrastructure appears in the value of their property - so they receive the value of public services. In contrast those who rent or do not own much property pay for the value of public services when they pay rent but also pay once again when they pay taxes. Putting it somewhat over-simply, It all hinges on how much real estate asset value you own - over a certain value you become a net receiver of public value rather than a net contributor to that value.
Searl, that's fine ... ( 3 months ago by magrathean0)
Searl, that's fine but the fact is, that refusing to tax land causes problems in itself even if there are no other taxes. Land owners are receiving services from the surrounding community even if there is no taxation.
"But if you're ... ( 3 months ago by magrathean0)
"But if you're shifting the tax burden away from renters by reducing income tax and increasing land tax, why is it not the case that the market CAN now bear a higher price
No because the effect of the tax is also to drastically weaken (eliminate) the iron, death grip cartel landlords have which allows them to charge tenants a high portion of their wages. Wages will be higher, taxes and rents would be lower
Today in Britain ... ( 2 weeks ago by numbermoney)
Today in Britain 70% "own" their home. A rising tide floats all boats regardless of the areas where taxes are spent on infrastructure. The rich, and anyone holding property, benefit from monetary inflation/credit expansion. A large country house set in acreage will sell at a premium in the same way the house next to Harrods does, yet it may have no state infrastructure for miles around.



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