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Re: Misc taxation

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  • roy_langston
    ... Norwegians should look closely at Britain s economy, as that is what will happen to their economy when the oil runs out. -- Roy Langston
    Message 1 of 127 , Oct 13, 2012
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      --- In LandCafe@yahoogroups.com, "k_r_johansen" <kjetil.r.johansen@...> wrote:

      > Norway also had taxation of imputed rents on the income tax, all the way up until 2004. It was a sorry a.. excuse for a tax though. It was calculated as 2,5% out of a *maximum* 30% of the market value of the property, *minus* a deduction. And after that, any rental income(if the property was owned by a person), was considered taxed, and tax-free from then on. This barely made any significant dent in private collection of land rents ofcourse, but the reason for abolishing it was that "valuations were random". So instead of actually doing proper valuations, they ditched it. Add in universal interest exemptions, an oil-rent fuelled economy, and the Norwegian property market is currently going up as if 2008 never happened. Oh, and the (most likely) next centre-right government coalition is launching their platform on abolishing the wealth-tax (which also undervalues property, but at least it's something), add on tax-deductions for "energy-efficient remodeling" and "Homeownership savings accounts for young people". Homeownerism is running rampant this side of the North Sea.

      Norwegians should look closely at Britain's economy, as that is what will happen to their economy when the oil runs out.

      -- Roy Langston
    • k_r_johansen
      ... Sorry for the late response. What do you mean by collateral then? Land/buildings can be handed over to the lender as well, can t it? Both loans secured on
      Message 127 of 127 , Nov 2, 2012
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        --- In LandCafe@yahoogroups.com, Scott Bergeson <scottb@...> wrote:
        >
        > Quoting k_r_johansen on Thu, 25 Oct 2012 20:45:37 -0000:
        >
        > ___roy_langston___
        > Interesting concept. In most cases, owners servicing mortgages would just
        > use their UIEs as an offset to the LVT and continue making the payments.
        >
        > ___Kj___
        > If we are talking about a straight swap from income tax to
        > LVT, most people would theoretically still have the ability to
        > pay. The problem is, and I admit I'm looking at this from the
        > Bankster's side, that the collateral just isn't there any more
        > (assuming capital values do fall, which I believe they will),
        > and the change in risk has implications. Imagine that the country
        > suddenly changed systems, and (by the figures I gave), a debt load
        > of somewhere around 50% of GDP changed from being collateralized
        > to more or less personal loans, but at an interest of 4%.
        > Govt. would have to step in as a guarantee in either scheme.
        > -----
        >
        > Abolish collateral. Even more than land privilege, that
        > bankster concept keeps people enslaved. If it isn't
        > outright security; i.e., something that can be handed over
        > to the lender, thus entirely discharging the debt; the
        > debt is unconscionable, and ought to be nullified outright.
        >
        > Obviously, this also requires concomitant abolition of
        > Glass-Steagall (FDIC). Write down all deposits in any given
        > institution proportionate to nullification of its assets.
        >

        Sorry for the late response. What do you mean by collateral then? Land/buildings can be handed over to the lender as well, can't it? Both loans secured on a physical object that can redeem the debt by reposession, and personal debts, should be entirely legal. I'm not sure if you mean that any specific institutional aspect of mortgage collateral should be abolished, or the idea, which is kind of the basis of risk-taking and economic growth IMO. If anything, the american model is better than what I know as mortgages. AFAIU you can hand over your property and "walk away". No such thing exists here. Even if you hand back the property, you are personally liable for the redemption of the debt, and a creditor sale of a property (moveable objects as well), can only be done through the courts.

        Kj
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