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The Land Value tax has another key benefit: it has falsifiable predictions, and can be implemented incrementally and achieve incremental benefits (as we've seen in some real life implementations).
The United States is doing what it can to free Brittney Griner for bringing illegal drugs into Russia. We have people doing fucking MORE TIME THAN HER for doing EXACTLY the same thing within the United States.
Ashwin ParameswaranWrites macro-resilienceApr 16, 2021Simply implementing a Land Value Tax in the manner that George suggested will almost certainly trigger a banking/financial and economic crisis as the rents that this tax seeks to eliminate have been a) capitalised into the price of land and b)the land in question has been levered up to a very high degree. The LVT will cause a significant fall in prices which will lead to defaults, bank failures and even personal bankruptcies (e.g. a middle-class family with a 90% LTV mortgage in a metropolitan city). For example, the same problem applies in removing farm subsidies where the value of subsidies has been capitalised and levered such that any removal will trigger bankruptcies and financial losses.This is not a criticism of George as the same conditions may not have applied in his time. One possible solution is to introduce the tax in stages with a modest tax to begin with.RandomstringofcharactersApr 16, 2021No reason it has to be implemented at 100% instantly. You can implement it in gradually increasing amounts over a longer timescale, with advanced notice of the changes so people can financially adapt. That's how lots of laws are done.
Except that it will be incredibly unpopular, your party will lose the next election, and then the tax gets rolled back...
That's a recipe for disaster
unfairly exploited/taxed by non-productive land owners, people who create and contribute absolutely nothing, but are pure parasites in their role as landowners.
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Well, maybe Prop13 is in the way of that in California, which might be one of the reasons Prop13 exists. Land owners want to protect their unjust and unearned land rents.
Note that under Georgism most of the infrastructure of the IRS would be eliminated.
'the people' were being thrown out of their homes b/c they couldn't afford the tax
No real estate prices were rising in the 70s and the state was flush with property tax revenue that they were not returning to 'the people' and 'the people' were being thrown out of their homes b/c they couldn't afford the tax. - my understanding from oldsters anyway.
Howard's real motive was well hidden: to eliminate property tax increases on businesses. Most people somehow didn't notice that part, and still don't understand that that was the primary force which got Prop 13 passed. It remains a massive tax shift from California businesses to the California income tax and sales tax.
If California did away with prop 13, it would have one of the highest property tax rates as well as one of the highest sales taxes and income taxes.There is no amount of tax that will appease those fellows in Sacramento.
Morally bankrupt corrupt Prop 13 is a massive highway robbery every month since 1978. It MUST go and so does all the massive tax increases on everything else.
Google, Facebook, Twitter and Amazon have established portals that people feel they have to pass through to conduct the business of life, and to participate in the common life of the nation. Such bottlenecks are a natural consequence of “the network effect.” It was early innovations that allowed these firms to take up their positions. But it is not innovation, it is these established positions, and the ongoing control of the data it allows them to gather, that accounts for the unprecedented rents they are able to collect, as in a classic infrastructure monopoly.
A central point of Georgism is that income tax and sales tax are wrong, because they are unjust and they discourage work and commerce.They are to be replaced by a tax on land values.
1. We issue Key Vote Alerts to all Congressional offices so that Senators and Representatives know exactly how they should vote on proposed legislation.2. We publish yearly Congressional Scorecards so that constituents know whether or not their legislators are voting in favor of tax cuts, reduced spending, and pro-growth policy.3. We run hard-hitting independent issue ads on television and radio that expose to constituents the truth about where politicians stand on harmful bills that could raise taxes, increase regulations, and expand the role of the government. NO politician wants to be the feature of one of our ads.
A video recently posted by @richwicks called "All wars are banker's wars" claims that the 16th Amendment creating the federal income tax was never actually approved by the requisite number of states.Seems easy to prove one way or another.
As Pinto points out, the cost of actual construction, comprising building materials, labor, and financing, is higher in California than other states. But the biggest difference by far is the gulf in land prices. He cites the case of Santa Clara County. “The average price of a newly built home there is $2.1 million, and the average size is 3,200 square feet. The construction cost is probably $1 million, so the land value is over half the total at $1.1 million.” How about existing homes? They average a meager 1,700 square feet, and go for a norm of $1.3 million. “The fully depreciated value of the house itself might be $200,000,” says Pinto. “As in the case of the new house, the land’s worth $1.1 million.” But for the old-time residence, the land value is multiple that of four walls of aluminum siding and Sheetrock.
What's an ADU?
a lot of land will be unlocked for development and NIMBYism would become very expensive to maintain
What's an ADU?I think you should spell it out, because perhaps the majority of people won't know what it is, even on this site.
When you work for an hour, you increase society’s wealth (and your own) by an hour’s worth of wages. When you save a dollar rather than spending it, you increase society’s (and your own) wealth by a dollar. But when you buy a piece of land for $10,000 and sell it for $20,000, you haven’t increased the total wealth of society by a nickel. Yet the price of land keeps going up, up, up, as the population increases and society grows richer. Where does that money come from? It comes from the pockets of the other two factors of production, labor and capital. ...Henry George believed that the landlord’s share of wealth that all of us have helped to accumulate is inherently illegitimate and should be confiscated. He wouldn’t send in the National Guard to seize people’s property. He would instead confiscate the value of unimproved land—that is, land that had not been improved by, say, building on it—by taxing its annual value at a rate of 100 percent.“But,” you’re thinking, “that would make the property itself worthless.” (“That’s not what I’m thinking,” says Arianna, mysteriously.) Well, you’re right. Making the property worthless is the whole idea. Society gets the value of the property. Taxes on the other factors of production—labor and capital—can be reduced, or even eliminated. This is why people who are dedicated to promoting George’s ideas are known as “single-taxers.”The landlord will have little choice but to put the property to its “highest and best use.” ...But George got the main things right. Free markets are best (provided they are really free). A lot of markets that masquerade as free really aren’t. And we often tax the wrong things—ignoring wealth that accomplishes nothing while taxing labor and capital that are actually productive.
When you save a dollar rather than spending it, you increase society’s (and your own) wealth by a dollar.
Quick question, who would want to own land under this tax regime?????The quick answer is nobody.Sounds like something the WEF would promote...you will own nothing and be happy.
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