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A tax on assets has the advantage of providing incentive to recycle those assets - sell them - if they are no longer needed. Surely an improvement in capital management?

There is no inherent advantage (or moral correctness) to tax income rather than assets. The question is rather shouldn't all assets - bank deposits, shares, mutual funds, cars, holiday properties, etc, etc - be caught in the tax net?

Victoria and NSW both have land taxes. It doesn't stop rich people living in Toorak or by the Harbour.

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