Property tax: what is Sri Lanka giving up?

Speaking to The Morning Money, Arutha Director and Economist Rehana Thowfeek, said,

“Income taxes are levied on the flow of income, while wealth taxes are levied on the value of accumulated assets.”

While property taxes are a form of wealth taxation, she noted that wealth can accumulate without generating taxable monetary income:

“It is true that ‘taxing property could amount to taxing wealth acquired with income that has already been taxed’ – but that is not a strong argument against wealth taxes. Wealth can accumulate over time but remain completely untaxed if there is no monetary income generated from it.” 

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