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#economics #mark-wardsworth #mmt #modern-monetary-theory
Removing taxes on economic activity helps the economy grow; reducing the average overall rate from about 50% to 20% would mean that the economy expands by about 12% (the deadweight cost of taxes are the tax rate cubed)
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Mark Wadsworth: Modern Monetary Theory and Land Value Tax
deficits are A Bad Thing, they are a sign that the domestic economy is running below potential. The UK's current account deficit is running at about 6 per cent of GDP. How would LVT help..? i. <span>Removing taxes on economic activity helps the economy grow; reducing the average overall rate from about 50% to 20% would mean that the economy expands by about 12% (the deadweight cost of taxes are the tax rate cubed). So people are more likely to spend their money in the UK because there is more to spend it on. So that's the trade deficit sorted (see Denmark in the 1960s). ii. More private saving =


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