The Australian’s Judith Sloan has questioned economists’ near universal agreement that property stamp duties should be replaced by a broad-based land tax:
So let’s consider the latest faddish proposal to replace stamp duties with land taxes. This is being raised in the Thodey review of federal financial relations commissioned by the NSW government. (Another review of the issue headed by an ex-businessman with no understanding of public policy.)
The property industry is right on board. Anything that generates more turnover of properties is in its interests. Real estate agents would be popping the corks if this change were made.
