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As noted elsewhere in this thread, this is peanuts compared to the deficit let alone the debt. Deficit hawks need to look into Land Value taxes in my opinion.

As noted elsewhere in this thread, this is peanuts compared to the deficit let alone the debt. Deficit hawks need to look into Land Value taxes in my opinion. There is an estimated 1.4 billion acres of private property. At an *average* of $10,000 per acre, that would raise 14 Trillion Dollars in revenue. Split 50/50 with the States, 7 Trillion to the Federal Government and 7 Trillion divided between the States proportionally, that would cover nearly all government spending. The Federal budget for 2023 was 6.1 Trillion Dollars, including a 1.4 Trillion Deficit. 7 Trillion covers that with hundreds of billions left over to start making debt payments. Now the vast plurality of this land is farm land so at 10,000 an acre would be an onerous burden. So we would probably not get to that average and still need additional revenue or otherwise not be able to abolish all other taxes.

scoofy 2y ago
A federal land value tax would just flip the tables so much in California... I hate to say it but people would literally lose their shit. As long CA has 52 representatives and 54 electoral college votes, any federal property tax will be a major party re-alignment event. I'm a left-wing debt hawk, and I really have no answer to the current unsustainable freight train of debt. I suspect inflation is the current plan, but we really, really have slowly building problem that will eventually cascade. When I does, I only hope that I'm invested in an anti-fragile position.
- kemotep 2y ago
  Ideally the Land value tax would be the only tax. Payroll taxes might be necessary for social security and Medicare but otherwise the idea would be that it replaces income taxes, corporate taxes, and so on. But this would be a direct tax and require a constitutional amendment like the 16th to implement. It really isn’t happening. But without something radical like the single tax, we will need to increase taxes and implement austerity to deal with the deficit and debt.
  - scoofy 2y ago
    >Ideally the Land value tax would be the only tax. The problem is that land value has become completely disassociated with value. You could get rid of all income taxes, and by adding a land value tax, effectively half the homeowners in CA wouldn't be able to afford the taxes on their own property. Is that bad policy in CA? Sure, it definitely is, but it is the policy, and it would unleash a major short-term crisis.

scoofy 2y ago

A federal land value tax would just flip the tables so much in California... I hate to say it but people would literally lose their shit. As long CA has 52 representatives and 54 electoral college votes, any federal property tax will be a major party re-alignment event. I'm a left-wing debt hawk, and I really have no answer to the current unsustainable freight train of debt. I suspect inflation is the current plan, but we really, really have slowly building problem that will eventually cascade. When I does, I only hope that I'm invested in an anti-fragile position.

kemotep 2y ago
Ideally the Land value tax would be the only tax. Payroll taxes might be necessary for social security and Medicare but otherwise the idea would be that it replaces income taxes, corporate taxes, and so on. But this would be a direct tax and require a constitutional amendment like the 16th to implement. It really isn’t happening. But without something radical like the single tax, we will need to increase taxes and implement austerity to deal with the deficit and debt.
- scoofy 2y ago
  >Ideally the Land value tax would be the only tax. The problem is that land value has become completely disassociated with value. You could get rid of all income taxes, and by adding a land value tax, effectively half the homeowners in CA wouldn't be able to afford the taxes on their own property. Is that bad policy in CA? Sure, it definitely is, but it is the policy, and it would unleash a major short-term crisis.