Taxing Wealth, Taxing Incomes, Taxing Users, Luxury Taxes and Sin Taxes
There are probably three things in the world that can be taxed to pay for government or to use a different term public finance which covers in a larger way all sorts of collective goods. Wealth, Income or Users. In combination taxing wealth and income or charging users determine how well a society a society functions. A lot of folks think that free market capitalism does a wonderful job distributing wealth, income, and regulation of the use of public stuff. A discussion of these issues is happening now in congress as tax reform and health care are being discussed and will be voted on.
Wealth is what a person owns and it may be cash, stocks, bonds, land, housing, boats, intellectual property and how wealth is valued makes taxing it an interesting proposition. Where wealth is located is also important in how it valued. To the extent that wealth is taxed it is less valuable, and to the extent it is used wisely it is more valuable. The exploitation of natural resources is an interesting proposition because it is certainly wealth but who it belongs to and how it should be distributed needs to be used wisely.
The Norwegian government sums up the fund with the rather lengthy fortune cookie-like phrase “One day the oil will run out, but the return on the fund will continue to benefit the Norwegian population.” . Ask the folks in the Middle East and other locations where oil is produced and you might get a different answer, say in Venezuela. Or conversely how well did the folks in West Virginia do with all the coal that was mined in the state.
This might be an area where true liberals and conservatives might find common ground.
Wealth is what a person owns and it may be cash, stocks, bonds, land, housing, boats, intellectual property and how wealth is valued makes taxing it an interesting proposition. Where wealth is located is also important in how it valued. To the extent that wealth is taxed it is less valuable, and to the extent it is used wisely it is more valuable. The exploitation of natural resources is an interesting proposition because it is certainly wealth but who it belongs to and how it should be distributed needs to be used wisely.
The Norwegian government sums up the fund with the rather lengthy fortune cookie-like phrase “One day the oil will run out, but the return on the fund will continue to benefit the Norwegian population.” . Ask the folks in the Middle East and other locations where oil is produced and you might get a different answer, say in Venezuela. Or conversely how well did the folks in West Virginia do with all the coal that was mined in the state.
This might be an area where true liberals and conservatives might find common ground.
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