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I disagree with your prescriptions for a solution, and the pushback on them will be fairly intense from economists, politicians and many others. I could go into
by solresol 5y ago
I disagree with your prescriptions for a solution, and the pushback on them will be fairly intense from economists, politicians and many others. I could go into detail about the policies, but there are problems with them.
And anyway, there is a much better way of achieving your goals that will get support from almost everyone, which doesn't involve pushing an angry agenda uphill against entrenched interests. Start pushing for Georgism. There's a large amount of theory supporting this, here's a starting point for reading:
https://astralcodexten.substack.com/p/does-georgism-work-is-land-really https://astralcodexten.substack.com/p/does-georgism-work-is-...
Now, the reason that we in Australia can push for Georgism is that we already have Georgist taxes (local council rates), it's just that they are too weak to have a major effect on the market.
At the same time, councils are underfunded. Since councils do a bunch of things that everyone connects to, likes and relates to (garbage collection, libraries, parks, local roads and footpaths, etc.), it's actually quite easy to create a slogan "let's fund councils properly" that everyone can get behind. If that just happens to end housing as a financial investment in Australia, oh well, that's just an odd unexpected consequence, isn't it?
In particular, you have a large number of councils that will thouroughly support your message, amplify whatever you have to say, and probably let you have access to facilities for free for events.
Your policy objectives are basically going to be: increase funding for councils by letting them increase rates by 20% per year, with a corresponding decrease in (say) stamp duty until state governments no longer need to subsidise local councils.
Even if Georgism is incorrect, we would start seeing rent and real estate prices start declining (because council rates will make holding property less valuable). Mission accomplished.
(The fun starts when councils are fully self-funded, and you keep pushing for 20% increases: then you can start funding state and federal government from Georgist taxes. If Georgism is correct, this should have a variety of very positive effects.)