[PEN-L:4876] Re: Asset tax

[wpc@xxxxxxxxxxxxxxxxx (Paul Cockshott)]

Barkley:

     The US economy currently depends heavily on
an asset tax.  It is the local property tax, far
and away the main source of local government revenue.
Although many have theorized that it ought to be
progressive, most recent studies conclude just the
opposite---it tends to get shifted onto low income
renters.

Paul:
This type of asset tax does not include the most
important assets in terms of income generated -
shares and bonds. Would the situation be the same
if these were included?