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Almost anyone that's making substantial money off of land is already paying property tax on it, as well as any income tax that applies. Now, the income and the
by BobaFloutist 3y ago
Almost anyone that's making substantial money off of land is already paying property tax on it, as well as any income tax that applies. Now, the income and the property taxes they're paying are in many cases woefully inadequate, but I'm pretty sure the solution to that is to improve the tax system and patch the loopholes, not to add a separate additional tax for everyone to keep track of.
- yellowapple 3y agoThis wouldn't be a separate additional tax; the vast majority of LVT proponents (myself included) propose it to replace property/sales/income taxes (all of which are just economically-inefficient taxes on land anyway: http://www.wealthandwant.com/themes/ATCOR.html http://www.wealthandwant.com/themes/ATCOR.html). As for loopholes, LVT is the most effective way to patch them; you can't exactly move land to offshore bank accounts, after all.