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The merits of and case for Land Value Taxation

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Politics matters for tax as tax matters for politics. The high-minded Scottish economist Adam Smith had four maxims of taxation: Tax should be progressive. Tax should be certain, not arbitrary. Tax should be paid at the time most convenient to the contributor. Tax should take as little from the contributors as possible to pay for the state. In contrast, Jean-Baptiste Colbert reportedly said “the art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing.” Many present taxes fall foul of many of these maxims, but one way of organising taxation which meets most is Land Value Tax. Land value tax The UK, especially London, has long experienced the kind of property boom that makes prices unaffordable. A recent Confederation of British Industry survey reported that this unaffordability is of great concern to employers. But these booms also mean that the owners of that land are accruing unearned gains. . .

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News source: OUPblog » Philosophy

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