People who benefit from higher land prices are already taxing everyone else. Housing is the one of a few things that people have to buy. Choosing to essentiall

People who benefit from higher land prices are already taxing everyone else. Housing is the one of a few things that people have to buy. Choosing to essentially tax everyone in society to buy that product is...unthinkably stupid (a subtle effect is also that because the turnover of properties is so low, this has massive inter-generational effects...this isn't clear now because only people born 20-30 years ago are getting taxed, everyone else is just sitting on their capital gain...as these people die and that gets realised, the effect on wealth inequality will be incredible). Another comment here mentioned that you have to be very educated to think something so daft is stupid...it is actually quite simple and requires no education. Imagine that everyone ate only bread. What we have done is create a system in which bread manufacturers produce no extra output but benefit from bread price increases of 5-10%/year...for multiple decades. The economy is now largely based around bread, people whose parents were fortunate enough to own a licence to produce bread are now multi-millionaires, everyone else is a peon. Bread is so expensive that the rest of society is actually struggling to feed the bread manufacturers. The fallacy is believing that we aren't already paying a massive price. It isn't expropriation of land, it is reversing expropriation by returning land to the people who always owned it (i.e. no-one and everyone). It is completely fair (unless you are a bread manufacturer). For economies in the West, it will be massively enhancing to productivity because it only taxes value which generates no gain for society (tbh, I am not sure anyone can really know what the consequence would be...it would change the economics of commercial ownership of resi property completely because landlords couldn't pass on costs, the only risk is disincentivizing housing production...I don't think it does this, if anything it would incentivize production...where I am, housebuilders sit on land for years and wait for house prices to go up...I live near a development of fifty or so houses, the developer has taken four years to put up houses there because land is rising so fast here, an adjacent development of the same size went up in 12 months...as I said before, no-one can look at that and think this is productivity enhancing, it is just nonsense, this is a grievous tax on productivity).