24 Nov 2022 10:21 pm
Cannonpointer » 24 Nov 2022, 11:10 pm » wrote: ↑ However high the rate is set, land value will drop proportionately.
It's automatic - accomplished by Our Most Beloved Lady of The Invisible Hand of The Market.
It would be against the interests of even the LEAST responsible officials to set the rate beyond the point of diminishing returns.
the problem is, people hear land tax and they immediately think of some outrageously oppressive government.
But we already tax land, arbitrarily. LVT would simply put the taxation at the level of demand for that land.. as you said, guided by the hand of the market, not by whims of politicians and beaurocrats.