Fred Harrison argues that UK citizens are penalised for working. Taxes are levied on wages, while the owners of land or other assets receive capital gains without lifting a finger. Land has no cost of production – it is there from time immemorial, a “free gift of nature”!
He estimates that the top 20% of taxpayers who pay around £1.7 million income tax in their life time are reimbursed every penny by the increase in the value of their land by the same amount. Wealthy land owners have tax-free lives while the middle to low earners pay for all the roads, the sewage, the police and other public services with the income and council tax. He argues that the “scam is lawful”.
The tax system burdens low-income families, whose lifetime tax bill is not reimbursed through capital gains. Governments turn a blind eye to the injustice while wringing their hands…
View original post 49 more words