Comments by "John Burns" (@johnburns4017) on "We don’t need a wealth tax, yet" video.

  1. We do not need wealth tax? The abuse is rife.https://www.youtube.com/watch?v=smi_iIoKybg
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  2. Many have their wealth tied up in land. Tax land values. It cannot be taken offshore. Its location is known to the inch. The tax cannot be avoided. It should be implemented asap.
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  3.  @downshift4503  We have a problem few know we have. 50% or more of households own a residential property enjoying the unearned increases in land value, value they did not create. It is hard for them to actually see the broader picture of how the current system works against them and their offsprings.
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  4.  @downshift4503  The criticism of Land Value Tax is that it focuses only on land. The updated Georgist views of taxing economic rents includes finance, all monopolies and all common resources emanating from land. This is an aspect of Michael Hudson's work on debt.
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  5.  @downshift4503  I do not go along that LVT would deter Land sales. It never in Denmark in the late 1950s, as the economy grew so much land was in demand. Georgism would make land cheaper in the long run when a economy has settled for sure. Only those who productively use the land would buy it, deterring harmful speculators (recall the root of the 2008 crash - speculation in LAND). Then an LVT levy would be cheaper taxes overall as income tax and VAT would be near, or totally eliminated. Income Tax is a penalty on production with VAT a penalty on trade - the last two we should be taxing. The free market does not work well for homes as it is rigged by a planning system creating an artificial land shortage. Done properly LVT will provide. LVT with decent relaxed planning will ensure the need for social housing will be minimal.
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  6.  @downshift4503  LVT will not hinder home ownership. 1) Income Tax is a penalty on production. 2) VAT is a penalty on trade. The above two stifle an economy. The things we should not be penalizing. Then there are the stealth taxes that need clearing out.
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  7.  @downshift4503  Owning a sprawling home with a huge garden can be less attractive to people in later life at any time. This is the Old Widow Bogey as Churchill called it. There can always be a mechanism to offset LVT depending on circumstances. But not removing it for someone to live a central London mansion. My sister is considering downsizing as her 5 bed house is far too big and she hasn't a clue what LVT is. Less Income Tax stimulates enterprise. Look at Singapore, Hong Kong, Taiwan, etc where income taxes are low as they tax land. VAT is is another unwanted tax taxing trade transactions. Another weight on enterprise and trade.
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  8.  @downshift4503  I write it s possible to reduce LVT for certain cases. But I can see so few. Martin Wolf advocates LVT to solve the housing crisis:https://www.youtube.com/watch?v=zZQkb1qpkC8
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  9.  @kevinsyd2012  So your LVT levy would be very low. Value is low? levy is low.
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