Tim Leunig argues for abolishing council tax and stamp duty, advocating for a new tax system that fairly taxes property based on current values, not outdated criteria.
Leunig highlighted how council tax is outdated, stating a terraced house in Burnley can pay more than a mansion in Kensington, illustrating the inequity in the current system.
The Institute for Fiscal Studies has criticized stamp duty for being economically damaging, claiming it impedes growth by discouraging people from moving to more suitable homes.
Leunig's proposal aims to implement a tax on home values over 500,000 to replace stamp duty while funding councils adequately, creating a fairer system.
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