2 ms·
With %100 LVT, city will be owner of most land in 1 year. With 10% LVT - in 10 years. Value based tax means that value is transferred from owner to a new owner
by oneshtein 3y ago
With %100 LVT, city will be owner of most land in 1 year. With 10% LVT - in 10 years. Value based tax means that value is transferred from owner to a new owner no matter what. Owner is just working for a new owner.
- strken 3y agoFrom memory, the Georgist belief is that whoever collects the tax will spend it, and the spending will distribute the value in a way which is...not necessarily equal, but is closer to equality than the status quo was. The wealth transfer is a feature rather than a bug, in this case. Speculators sitting on unimproved or underutilised land are seen as literal rent-seekers, and taxing them is seen as reclaiming a natural monopoly at the same time as removing the leeches who're sucking up big chunks of a city's growth.
- developer93 3y agoThat applies to any kind of work currently also..
- mactrey 3y agoWell, property taxes in my city are around 1% currently. Does that mean the city will own 100% of land in 100 years? Probably not. For lots of reasons.