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stamp duty dilema, page-9

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UniversalTrader

7,679 Posts.

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29/03/18

09:39

Post #: 32108131
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Originally posted by lispingduck ↑

No it can't be done today without a land tax. You cannot take away a large revenue stream from government and not replace it with something else, there will big government budget cuts if you don't replace it with something else.

What would likely happen if you abolish stamp duty is people will will put that saving into the mortgage and the saving will get locked up in the asset and not flow through the economy, hence reducing economic activity. Stamp duty, inefficient as it is, goes to the state governments and get put back into the economy via government spending (even if some of it is wasted) to support GSP/GDP.

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Being slugged with an additional tax is not the answer - if the only way to get rid of stamp duty is a land tax then bugger it keep the stamp duty.
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