{"id":13158,"date":"2016-04-16T18:54:59","date_gmt":"2016-04-16T22:54:59","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=13158"},"modified":"2016-04-16T18:54:59","modified_gmt":"2016-04-16T22:54:59","slug":"land-tax-is-needed-but-wont-happen-macrobusiness","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/","title":{"rendered":"Land tax is needed but won\u2019t happen | Macrobusiness"},"content":{"rendered":"

\"Taxes\"<\/p>\n

\n

By Leith van Onselen<\/a><\/em>. Reproduced with kind permission from Macrobusiness<\/a>.<\/p>\n

The Australian\u2019s<\/em> Adam Creighton has written a ripper post<\/a> explaining why, in the wake of tax avoidance scandals (e.g. multinational and the Panama Papers), a broad-based land tax is needed more than ever, but will never see the light of day due to vested interests and weak politicians:<\/p>\n

\n

Windfall gains to private land owners stemming from developments outside their control are a far better object for taxation than income and consumption, which prop up vast avoidance industries\u2026<\/p>\n

Taxes on land are unique economically because they can\u2019t be avoided and they don\u2019t distort supply\u2026<\/p>\n

In fact, over time land tax (which should apply only to the unimproved part) could even \u00adreduce rents by encouraging development, including more apartments, on undeveloped land\u2026<\/p>\n

Land taxes may well be fairer, too. Just as the owners of land adjacent to new railway stations have done nothing to generate their windfall, land owners don\u2019t lift a finger to generate increases in unimproved land values\u2026<\/p>\n

A comprehensive national, flat rate tax on unimproved land taxes was part of Labor\u2019s platform from 1891 to 1905. The party should consider resurrecting this policy and using the proceeds entirely to slash personal income and\/or company tax to unleash a productivity, investment and spending boom. This would help affordability; property prices would automatically fall\u2026<\/p>\n

A 1 per cent annual land tax without any exemptions could raise around $44bn based on the ABS\u2019s estimates\u2026<\/p>\n

The economic ignorance and self-interest of land owners will, however, prevent any shift towards land tax, however beneficial it might be in the long run for almost everyone.<\/p>\n

Vested interests would launch a hysterical defence of existing arrangements, wrongly claiming poor renters would be harmed.<\/p>\n

Others would argue even stupid policies can\u2019t be changed because some people have arranged their affairs around them.<\/p>\n<\/blockquote>\n

Creighton has nailed it.<\/p>\n

Land taxes are one of the most efficient sources of tax available, actually creating positive welfare gains to the domestic population of $0.10 for each dollar raised, since non-resident home owners are also taxed (see below Treasury chart).<\/p>\n

\"ScreenHunter_6774<\/a><\/figure>\n

Even just switching inefficient stamp duties (which cost the economy $0.70 per dollar raised) to a broad-based land tax would produce an estimated 1.5% increase in GDP, or $24 billion, without changing the amount of tax raised.<\/p>\n

Unfortunately, while the arguments for shifting the tax base towards land taxes are impeccable, there are several key factors holding politicians back.<\/p>\n

Consider the proposal to merely junk stamp duties in favour of a broad-based land tax levied on all land holders.<\/p>\n

As shown by the RBA, only around 6% of the housing stock is transacted on average in a given year:<\/p>\n

\"\"<\/a><\/figure>\n

This means that in a given year, only a small minority of households pay stamp duty (albeit tens-of-thousands of dollars of dollars). And once they pay it, they automatically become a roadblock to reform (\u201cwhy should I pay tax twice\u201d, is the common retort).<\/p>\n

While having such a small group of taxpayers supporting services for the whole community is ridiculous, rather than governments sharing the tax burden by levying each household a much smaller amount on a regular basis, it is far easier politically to tax a small group than everyone.<\/p>\n

The other major roadblock with land taxes is that they would be levied on retirees that are asset (house) rich but cash poor. They would, therefore, squeal like stuffed pigs if they were required to pay tax.<\/p>\n

The obvious solutions to these roadblocks are:<\/p>\n

    \n
  1. To overcome concerns around \u201cdouble taxation\u201d, provide a credit to anyone that has purchased a home in the past 10 years, equal to the amount of stamp duty paid, and then subtract the hypothetical land tax that would have been paid since the home was purchased.<\/li>\n
  2. Allow retirees to accumulate their land tax liability, with the bill payable upon death (via the estate) or once the house is eventually sold (whichever comes first), with interest charged on any outstandings.<\/li>\n<\/ol>\n

    However, even with such arrangements in place, politicians would still face the option of maintaining the status quo and taxing only a small number of people each year (easy) versus reforming and taxing almost everyone (hard).<\/p>\n

    Add in a fierce scare campaign from the property lobby \u2013 especially if land taxes were extended beyond just stamp duties to replace income taxes \u2013 and the likelihood of achieving meaningful reform is slim, especially with the current useless crop of politicians.<\/p>\n","protected":false},"excerpt":{"rendered":"

    By Leith van Onselen. Reproduced with kind permission from Macrobusiness. The Australian\u2019s Adam Creighton has written a ripper post explaining why, in the wake of tax avoidance scandals (e.g. multinational and the Panama Papers), a broad-based land tax is needed more than ever, but will never see the light of day due to vested interests … <\/p>\n

    Continue reading “Land tax is needed but won\u2019t happen | Macrobusiness”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,28],"tags":[2066],"class_list":["post-13158","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-taxes-inequality","tag-land-taxes"],"yoast_head":"\nLand tax is needed but won\u2019t happen | Macrobusiness - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Land tax is needed but won\u2019t happen | Macrobusiness - the patient investor\" \/>\n<meta property=\"og:description\" content=\"By Leith van Onselen. Reproduced with kind permission from Macrobusiness. The Australian\u2019s Adam Creighton has written a ripper post explaining why, in the wake of tax avoidance scandals (e.g. multinational and the Panama Papers), a broad-based land tax is needed more than ever, but will never see the light of day due to vested interests … Continue reading "Land tax is needed but won\u2019t happen | Macrobusiness"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-16T22:54:59+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.sonofabroker.com\/wp-content\/uploads\/2014\/06\/taxes-300x181.png\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Land tax is needed but won\u2019t happen | Macrobusiness\",\"datePublished\":\"2016-04-16T22:54:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/\"},\"wordCount\":746,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.sonofabroker.com\/wp-content\/uploads\/2014\/06\/taxes-300x181.png\",\"keywords\":[\"land taxes\"],\"articleSection\":[\"Australia & NZ\",\"Taxes & Inequality\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/\",\"name\":\"Land tax is needed but won\u2019t happen | Macrobusiness - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.sonofabroker.com\/wp-content\/uploads\/2014\/06\/taxes-300x181.png\",\"datePublished\":\"2016-04-16T22:54:59+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/#primaryimage\",\"url\":\"http:\/\/www.sonofabroker.com\/wp-content\/uploads\/2014\/06\/taxes-300x181.png\",\"contentUrl\":\"http:\/\/www.sonofabroker.com\/wp-content\/uploads\/2014\/06\/taxes-300x181.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Land tax is needed but won\u2019t happen | Macrobusiness\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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According to the Henry Tax Review, the marginal excess\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9837,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/20\/use-land-taxes-to-plug-budget-holes-macrobusiness\/","url_meta":{"origin":13158,"position":1},"title":"Use land taxes to plug budget holes || Macrobusiness","author":"ColinTwiggs","date":"May 20, 2014","format":false,"excerpt":"Great post from Unconventional Economist (reproduced with kind permission from Macrobusiness) gets to the heart of the current budget stoush. Cross-posted from David Collyer at Prosper Australia Sometimes, through the smoke and fireworks of the national debate a political commentator sees the path forward and points the way. Today in\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Land Taxes","src":"https:\/\/i0.wp.com\/www.macrobusiness.com.au\/wp-content\/uploads\/2014\/05\/ScreenHunter_18-Jul.-05-10.22-200x200.gif?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":8028,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/07\/its-time-to-levy-the-land-naked-capitalism\/","url_meta":{"origin":13158,"position":2},"title":"It\u2019s Time to Levy the Land | naked capitalism","author":"ColinTwiggs","date":"July 7, 2013","format":false,"excerpt":"There are growing calls for increased use of land value taxes to replace income taxes and corporations taxes as a major source of government revenue. Yves Smith points out: Income and sales taxes add to the price of doing business, and hence reduce their supply and competitiveness. Most economists \u2013\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15003,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/20\/value-capture-a-good-idea-to-fund-infrastructure-but-not-easy-in-practice\/","url_meta":{"origin":13158,"position":3},"title":"Value capture: a good idea to fund infrastructure but not easy in practice","author":"ColinTwiggs","date":"March 20, 2017","format":false,"excerpt":"Marion Terrill and Owain Emslie are the authors of the new Grattan Institute report, What price value capture? ....Federal ministers from the prime minister down are enthusiastic about value capture and are pushing the states to embrace it. Only last week, Urban Infrastructure Minister Paul Fletcher reiterated that the Commonwealth\u2026","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6839,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/02\/in-support-of-land-taxes\/","url_meta":{"origin":13158,"position":4},"title":"In support of land taxes","author":"Colin Twiggs","date":"March 2, 2013","format":false,"excerpt":"Thanks to Alex Fletcher who submitted this as a comment: From a purist point of view I believe Geolibertarianism is the moral philosophy that should guide taxation:- \u201cGeolibertarians are advocates of geoism, which is the position that all natural resources \u2013 most importantly land \u2013 are common assets to which\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6842,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/02\/something-has-to-be-done-about-income-taxes\/","url_meta":{"origin":13158,"position":5},"title":"Something has to be done about income taxes","author":"Colin Twiggs","date":"March 2, 2013","format":false,"excerpt":"Years ago I worked in structured finance for an investment bank, creating tax-efficient structures for large corporations. That left me with the lasting impression that income taxes are inefficient \u2014 both in terms of equity and collection \u2014 and should be levied at low flat rates if they cannot be\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=13158"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13158\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=13158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=13158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=13158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}