Thursday, March 10, 2011

FT banking and Hong Kong land taxes

The Financial Times is making amends for poor coverage on Mervyn King's recent anti-banking stance.  Yesterday the leading editorial ( King helps the case for banking reform) gave supportive comments to what he has been saying for some time. Catch up. 

Today the FT has an article of interest to land taxers . Land tax being the source of much government funding in Hong Kong. Article: Hong Kong's land system that time forgot. (David Pilling). The tax system is so productive of funds that they are giving away about US$770 worth of cash to citizens. Huge fiscal reserves have built up. Seems though that the rich developers are doing very well but 'even middle-class families...[are] ..dependent on subsidised housing'. A problem is that some tax raised has to be spent on infrastructure and this limits the options to spread wealth.

Read The Free Lunch- Fairness with Freedom it covers Land Tax and banking reform 

posted by Charles Bazlinton

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