{"id":8028,"date":"2013-07-07T23:09:02","date_gmt":"2013-07-08T03:09:02","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=8028"},"modified":"2013-07-07T23:09:02","modified_gmt":"2013-07-08T03:09:02","slug":"its-time-to-levy-the-land-naked-capitalism","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/07\/its-time-to-levy-the-land-naked-capitalism\/","title":{"rendered":"It\u2019s Time to Levy the Land | naked capitalism"},"content":{"rendered":"<p>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:<\/p>\n<blockquote><p>Income and sales taxes add to the price of doing business, and hence reduce their supply and competitiveness. Most economists \u2013 even Milton Friedman \u2013 recommend that the more efficient tax burden is one that collects economic rent \u2013 property rent, fees charged for using the airwaves, monopoly rent, and other income that is basically an access charge. If you tax land rent, for instance, this doesn\u2019t raise the price of housing or office space. The rent-of-location is set by the market place&#8230;&#8230;<\/p><\/blockquote>\n<p>I agree with Michael Hudson that our income tax system encourages the use of debt, over-use of which was one of the primary causes of the recent GFC: <\/p>\n<blockquote><p>Our tax system favors debt rather than equity financing. By encouraging debt it has prompted a tax shift onto the \u201creal\u201d economy\u2019s labor and capital. The resulting interest charge and tax shift mean that we\u2019re not as efficient and low-cost producers as we used to be&#8230;..<\/p><\/blockquote>\n<p>But I have two concerns:<\/p>\n<ol>\n<li>Introducing new taxes without abolishing the old leaves scope for government to increase tax revenues as a percentage of GDP over time. And few things are more inefficient &#8212; and more harmful to growth &#8212; than government spending.<\/li>\n<li>Focus on land value taxes alone, while neglecting other rent-producing assets such as patents, copyright ownership, rights to airwaves, and even brand ownership may skew investment towards, and inflate the price of, these lower taxed assets.<\/li>\n<\/ol>\n<p>Read more at <a href='http:\/\/www.nakedcapitalism.com\/2013\/07\/its-time-to-levy-the-land.html'>It\u2019s Time to Levy the Land | naked capitalism<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 even Milton Friedman \u2013 recommend &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/07\/07\/its-time-to-levy-the-land-naked-capitalism\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;It\u2019s Time to Levy the Land | naked capitalism&#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":[5],"tags":[485,817,835,1800,2065,2068,2611,2913],"class_list":["post-8028","post","type-post","status-publish","format-standard","hentry","category-economy","tag-brand-ownership","tag-copyright","tag-corporations-tax","tag-income-tax","tag-land-tax","tag-land-value-tax","tag-patents","tag-rent-producing-assets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>It\u2019s Time to Levy the Land | naked capitalism - 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=\"It\u2019s Time to Levy the Land | naked capitalism - the patient investor\" \/>\n<meta property=\"og:description\" content=\"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. 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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 &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9323,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/03\/03\/deflating-australias-land-bubble\/","url_meta":{"origin":8028,"position":2},"title":"Deflating Australia\u2019s land bubble","author":"ColinTwiggs","date":"March 3, 2014","format":false,"excerpt":"Great post by Leith van Onselen Reproduced with kind permission from Macrobusiness.com.au. 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":9746,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/04\/30\/no-alan-more-income-tax-is-not-the-answer-macrobusiness\/","url_meta":{"origin":8028,"position":3},"title":"No Alan, more income tax is not the answer | MacroBusiness","author":"ColinTwiggs","date":"April 30, 2014","format":false,"excerpt":"Leith van Onselen comments on Alan Kohler's support for a proposed debt levy: The first best solution is to shift Australia\u2019s tax base away from productive enterprise (both individuals and companies) towards more efficient sources, such as land, resources and consumption. According to the Henry Tax Review, the marginal excess\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":12070,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/","url_meta":{"origin":8028,"position":4},"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":13158,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/land-tax-is-needed-but-wont-happen-macrobusiness\/","url_meta":{"origin":8028,"position":5},"title":"Land tax is needed but won\u2019t happen | Macrobusiness","author":"ColinTwiggs","date":"April 16, 2016","format":false,"excerpt":"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\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":"Taxes","src":"https:\/\/i0.wp.com\/www.sonofabroker.com\/wp-content\/uploads\/2014\/06\/taxes-300x181.png?resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/8028","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=8028"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/8028\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=8028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=8028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=8028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}