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Christopher Hodder
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Much like a coin coming up heads eventually, the economy was always going to grow again, the question was "when" not "if". The length of time it took is the deciding factor in whether a policy was successful or not and 3 years of stagnation is not evidence of a successful economic policy. Of course, it works the other way too. If we have several years of good growth, we can give Gorgeous George the credit then. But that will be after the election, of course.
Toggle Commented Jan 2, 2014 on The outcome bias at Stumbling and Mumbling
The real value of a mansion tax is not the deflationary effect it will have on the housing market, nor the revenue raised immediately for the exchequer, but where the wealth will be stored instead if it is not stored in property. It would most likely either go into banks (who need the deposits in this age of deleveraging) or preferably into investments. Property, unless we are talking about farming or commercial landlords, is not a particularly productive asset and it would be more beneficial to society to try and curb this form of wealth storage in favour of something that will generate jobs and other economic activity (which in turn can be taxed).
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Mar 12, 2012