Re: LVT and the Severance Tax

On 11 May 2005 12:58:02 -0700, "Quirk" <quirk@xxxxxxxxxx> wrote:

>r...@xxxxxxxxx wrote:
>
>> On 11 May 2005 07:21:21 -0700, "Quirk" <quirk@xxxxxxxxxx> wrote:
>
>> >And does this include the Bizillion dollar salary of the CEO of the
>> >extraction company?
>
>> The corporate governance problems that result in grossly overpaid
>CEOs
>> are a separate issue.
>
>They are no a separate issue when these salaries are included in costs
>that affect the calculation of the proposed severance tax.

Yes, they are, just as the effects of irrationalities like drug
prohibition are separate issues, even thought they could affect the
calculation of the severance tax.

>> >How is the legitimacy of these costs tested? What
>> >is to stop a wealthy elite from inflating its costs and thus robbing
>> >the community?
>
>> Competition.
>
>And what of collusion?

Competition by non-colluders.

>> >Yet the tax is one time, and the loss of Rent is recurring.
>
>> Nope. There is no rent from a depleted resource.
>
>Only because it has been renamed capital yield.

Nonsense. You might as well claim that the rent of the naturally
occurring atoms that make up a worker has been renamed wages, and be
done with it.

-- Roy L
.

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