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But the authorities have been pressing for more powers including to fund economic growth projects, as mayor of London Boris Johnson did with a supplemental business rate levy to pay for Crossrail.
Labour's mansion tax would not be a flat rate levy but a banded system, with owners of homes worth between £2m and £3m paying £3,000 a year and higher charges for more expensive properties.
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The rate, levied on company profits, will fall to 19% in 2019, and 18% in 2020.
For Conservatives it is the future of the 50p tax rate levied on those earning £150,000 and over which has dominated their thinking.
Just before the South Carolina primary last week, Mr. Romney announced that his effective federal tax rate was closer to 15 percent - the rate levied on dividends and capital gains.
But the top marginal rate levied by central governments varies widely, as our chart shows, from 11.5% in Switzerland to 60% in the Netherlands.
New Jersey raised taxes on the wealthy in 2004, increasing by 2.6 percentage points the tax rate levied on those making more than $500,000 a year; and Gov. Jon S. Corzine this month proposed a new increase on high earners.
Even if nearly all of his income was taxed at the 15 percent rate levied on dividends and long-term capital gains, Mr. Romney would be eligible to lower his tax bill by deducting charitable donations, property taxes, and state and local taxes.
Since an ever bigger share of overall income goes to the highest earners, and since income taxes are progressive (with a higher rate levied at higher income), it is inevitable and appropriate that the most affluent should pay a growing share of the overall tax take.
In fact, our property is now being taxed at the rate levied on commercially developable land.
The tax rate levied by the government to ensure the budget constraint equilibrium depends on b t and z t k, which are themselves affected by the tax rate.
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