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| Wealth and Want | |||||||
| ... because democracy alone is not enough to produce widely shared prosperity. | |||||||
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Overallocating Mason Gaffney: Cannan's Law
There is a federal interest in
better tax assessment of land, to keep buyers of used
buildings from overallocating their tax "basis" to
depreciable buildings, thus arranging falsely to
depreciate land, and erode federal revenues.
Something like a national board of equalization is called
for. The U.S. Census of Governments, with the pioneering
work of Allen Manvel and political support from Illinois
Senator and Economics Professor Paul Douglas, established
the precedent. While we're at it, let us outlaw the
sequential depreciation of the same building by
successive owners, an obvious outrage.
The result of such measures would be to restore the concepts of dignity of labor, and the key role of income-creating investing (as opposed to acquiring existing wealth and rent-seeking). ... read the whole article |
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Wealth and Want
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... because democracy alone hasn't yet led to a society
in which all can prosper
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