{"id":15003,"date":"2017-03-20T23:44:35","date_gmt":"2017-03-21T03:44:35","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=15003"},"modified":"2017-03-20T23:44:35","modified_gmt":"2017-03-21T03:44:35","slug":"value-capture-a-good-idea-to-fund-infrastructure-but-not-easy-in-practice","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/20\/value-capture-a-good-idea-to-fund-infrastructure-but-not-easy-in-practice\/","title":{"rendered":"Value capture: a good idea to fund infrastructure but not easy in practice"},"content":{"rendered":"<p>Marion Terrill and Owain Emslie are the authors of the new Grattan Institute report, <em>What price value capture?<\/em><\/p>\n<p><a href=\"https:\/\/theconversation.com\/value-capture-a-good-idea-to-fund-infrastructure-but-not-easy-in-practice-74545\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2017\/03\/w4y53cy8-1489623224.jpg?w=525&#038;ssl=1\" alt=\"\" \/><\/a><\/p>\n<blockquote><p>&#8230;.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 does not want to be \u201cjust an ATM\u201d for the states. But if the federal ministers face up to some home truths, they may find value capture less to their liking.<\/p>\n<p><strong>Value capture is a tax<\/strong><\/p>\n<p>Home Truth No. 1 is that a value-capture scheme is a tax. That\u2019s how it raises revenue&#8230;..<\/p>\n<p>Which brings us to Home Truth No. 2: to raise a reasonable amount, a value-capture tax would need to include the family home&#8230;.. A tricky question of who\u2019s in and who\u2019s out.<\/p>\n<p>Home Truth No. 3 is that many taxpayers are likely to feel aggrieved&#8230;..Drawing a boundary around a new piece of infrastructure to distinguish between those who must pay the new tax and those too far away to benefit is bound to involve rough justice.<\/p>\n<p><strong>Broad-based land tax is better still<\/strong><\/p>\n<p>A better answer still could be a broad-based land tax. Such a tax is highly efficient, because land is an immobile tax base (see the chart below).<\/p>\n<p><a href=\"https:\/\/theconversation.com\/value-capture-a-good-idea-to-fund-infrastructure-but-not-easy-in-practice-74545\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2017\/03\/image-20170316-20523-5e9xex.png?w=525&#038;ssl=1\" alt=\"\" \/><\/a><\/p>\n<p>While it would not zero in on the beneficiaries of new infrastructure, a land tax would capture the effects of all infrastructure, old and new, as these translated into land values, making it scrupulously fair. A broad-based land tax would also be simpler to administer than a value-capture tax. That\u2019s because there would be no requirement to police the geographic boundary of the catchment area.<\/p>\n<p>So a broad-based land tax has some distinct advantages over a value-capture tax&#8230;..<\/p><\/blockquote>\n<p>One of the biggest dangers with any tax is complexity. It promotes the perception of unfairness and makes collection difficult.<\/p>\n<p>Funding infrastructure is a headache for government. Benefits from increased indirect taxes like personal and company taxes may prove elusive. &#8220;User pays&#8221; taxes, like road tolls, tax direct users but assume that every user benefits by the same amount. And they have no way of taxing others who indirectly benefit &#8212; landowners who build a new shopping centre for example.<\/p>\n<p>A broad-based land tax is far more efficient than indirect taxes and fairer than narrowly-focused direct taxes, while encouraging broader use of new infrastructure assets.<\/p>\n<p>An example of the pitfalls surrounding infrastructure funding is the Skye Bridge in Scotland, a road bridge which connects the Isle of Skye via the A87 to the mainland. The bridge was built by a private consortium and opened in 1995.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"Skye Bridge\" src=\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2017\/03\/220px-skye_road_bridge.jpg?w=525&#038;ssl=1\" alt=\"Skye Bridge\" \/><\/p>\n<p>Locals objected to the tolls charged (a round trip cost \u00a311.40). Mass protests followed and a prolonged non-payment campaign. Despite numerous prosecutions, by 2004 the issue had become such a political hot potato that the Scottish government purchased the bridge for \u00a327m and abolished the tolls.<\/p>\n<p>Land taxes would have stood a better chance of success, especially if weighted towards land and businesses that would receive the greatest benefit. They also ensure public ownership of monopoly assets that may be exploited by private operators.<\/p>\n<p>Source: <a href=\"http:\/\/theconversation.com\/value-capture-a-good-idea-to-fund-infrastructure-but-not-easy-in-practice-74545\">Value capture: a good idea to fund infrastructure but not easy in practice<\/a><\/p>\n<p>Skye Bridge: <a href=\"https:\/\/en.wikipedia.org\/wiki\/Skye_Bridge\">Wikipedia<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marion Terrill and Owain Emslie are the authors of the new Grattan Institute report, What price value capture? &#8230;.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 does not want to be &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/20\/value-capture-a-good-idea-to-fund-infrastructure-but-not-easy-in-practice\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Value capture: a good idea to fund infrastructure but not easy in practice&#8221;<\/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":[57],"tags":[],"class_list":["post-15003","post","type-post","status-publish","format-standard","hentry","category-stock-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Value capture: a good idea to fund infrastructure but not easy in practice - 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=\"Value capture: a good idea to fund infrastructure but not easy in practice - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Marion Terrill and Owain Emslie are the authors of the new Grattan Institute report, What price value capture? &#8230;.Federal ministers from the prime minister down are enthusiastic about value capture and are pushing the states to embrace it. 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Prosper Australia has provided a submission to the Senate Inquiry into Housing Affordability, which is well worth a look. The submission first provides nine metrics illustrating Australia\u2019s residential property bubble, which include the following: It took forty years\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"ScreenHunter_18 Jul. 05 10.22","src":"https:\/\/i0.wp.com\/www.macrobusiness.com.au\/wp-content\/uploads\/2014\/03\/ScreenHunter_18-Jul.-05-10.22-200x200.gif?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13653,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/08\/04\/high-speed-rail-plan-still-needs-to-prove-economic-benefits-will-outweigh-costs\/","url_meta":{"origin":15003,"position":1},"title":"High speed rail plan still needs to prove economic benefits will outweigh costs","author":"ColinTwiggs","date":"August 4, 2016","format":false,"excerpt":"Double-decker TGV leaving the Gare de Lyon of Paris. Source: Alno Geoffrey Clifton, University of Sydney The CLARA private consortium claims a high speed rail network between Sydney and Melbourne could be paid for at no cost to the government through a technique known as value capture. What is still\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"The Conversation","src":"https:\/\/i0.wp.com\/counter.theconversation.edu.au\/content\/63330\/count.gif?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":25774,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/05\/13\/stocks-react-to-cpi-spike\/","url_meta":{"origin":15003,"position":2},"title":"Stocks react to the CPI &#8220;spike&#8221;","author":"Colin Twiggs","date":"May 13, 2021","format":false,"excerpt":"The S&P 500 reacted to the sharp increase in April CPI with a 2.1% sell-off. Breakout of the 10-year Treasury yield -- to 1.685% at present -- offers a target of 2.30%. Follow-through above 1.75% would confirm, warning of a stronger stock sell-off. Growth stocks Growth stocks are falling behind\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12070,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/","url_meta":{"origin":15003,"position":3},"title":"Could a new property tax save the economy?","author":"ColinTwiggs","date":"July 15, 2015","format":false,"excerpt":"Interesting article by Robin Christie | 16 Jul 2015 Property levies could be the key to fixing state and territory budgets, and could raise as much as $7 billion a year, the Grattan Institute has claimed. Grattan\u2019s \u2018Property Taxes\u2019 report.....explores how imposing a broad-based property levy could help Australia\u2019s state\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4092,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/16\/dems-lay-trap-for-gop-with-buffett-rule\/","url_meta":{"origin":15003,"position":4},"title":"Dems Lay Trap for GOP with Buffett Rule","author":"Colin Twiggs","date":"April 16, 2012","format":false,"excerpt":"Do Top Earners Pay Too Little?Taxpayers earning more than $1 million a year pay an average U.S. income tax rate of nearly 19 percent, according to the Tax Policy Center. The top individual tax rate is 35 percent. Loopholes and other deductions help lower that rate so that most Americans\u2026","rel":"","context":"In &quot;Financial Planning&quot;","block_context":{"text":"Financial Planning","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/other\/financial-planning\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6982,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/what-australia-needs-is-lower-land-prices\/","url_meta":{"origin":15003,"position":5},"title":"What Australia needs is lower land prices","author":"Colin Twiggs","date":"March 15, 2013","format":false,"excerpt":"Australia enjoyed a mining boom over the last ten years but now faces a fall-off in capital expenditure on new projects as commodity prices fall. The RBA, eyeing the coming slow-down with some trepidation, is hoping that housing construction recovers to fill the void. So far the housing market has\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15003","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=15003"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15003\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=15003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=15003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=15003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}