Charles Goodhart, Michael Hudson, 11 June 2018

The increasing income and wealth inequalities within countries is one of today’s great social concerns. This column describes how the tendency towards increasing indebtedness in much earlier societies was held in check by debt-cancellation Jubilees, and discusses ways to deal with today’s debt overhang and accompanying wealth inequalities. The funding of a modern Jubilee could come mostly, perhaps entirely, from a land/or property tax.

Paolo Surico, Riccardo Trezzi, 22 August 2015

Not much is known about the impact of housing tax hikes on consumer spending for different groups of society. This column shows that in Italy, households with mortgage debt responded to a property tax increase with a decrease in their expenditures, mostly of net vehicles purchases. The short-run direct cost (in the form of forgone consumer spending) of the tax change was small relative to the amount of extra taxes raised, but the overall negative consequences for the car industry were significant.

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