fredag 8 februari 2008

Pity the rich foreigners

Digby Jones has criticised the government's proposal to tax wealthy foreigners who live in Britain and have up till now enjoyed freedom from UK taxes. He says that the country will lose talent.

He has a point, but what he says does not just apply to wealthy foreigners. Nobody should be taxed on their earnings. It isn't necessary. There is another and simpler way for the government to obtain the revenue it needs to run the country, and it would not drive anyone away.

The Chancellor should claim the revenue from land rent instead. Land value is created by the actions and presence of the community and should not end up in private pockets anyway. It is strange how envy and greed can blind politicians and commentators to the obvious.

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