[PEN-L:4845] re: asset tax

[alaramie@xxxxxxxxxxxxx]

Doesn't the incidence of the asset tax depend upon how the government
spends the tax receipts?  If the government spends the tax receipts
as transfers to the unemployed, for example, wouldn't the flow of
profits be largely unaffected by the tax.  Businesses will attempt
to alter profit margins in response to the tax, but profit margins
don't result in the realization of profits, capitalist spending does.
Didn't Joan Robionson say in response to Kalecki 1937 article on tax
incidence, that if we had the power to impose a capital tax, we have
the power to do away with capitalism.  Tony Laramie, ALARAMIE@xxxxxxxxxxxxx