Last week, the Australian House of Representatives accidentally brought a bill abolishing income tax from the 1st of July 2024, and though it is unlikely to pass, it might be the single smartest decision it has ever stumbled upon. After all, income tax was only ever meant to be a temporary measure. But what if we got rid of income tax altogether?
After the Global Financial Crisis, developed countries all over the world have created housing bubbles to prop-up their ailing economies, driving up prices, forever locking young people out of the market, diminishing their chance of financial security. You would be forgiven for thinking housing is the problem. In reality the problem is not housing but land. We explore why a land value tax is the only way to ensure prosperity for future generations.