I think LVT does have a history in US, e.g Pittsburgh.
Also Georgism is 100% LVT -> A land tax alone has been the recommendation of many economists before and after George - From Smith, Riccardo, Mill to Friedman. Across classical, neoclassical, Keynesian, Austrian schools. If there's one thing economists can agree on, it's that land tax is better than income tax.
Random thought, would be it be good to extend land tax to use of all common public goods. E.g. radio frequencies, mining, water, CO2 pollution. Things you own, licensed or consume that take from the common good. Obviously this need constant tweaking E.g. as new tech makes different things valuable.
Yes, it's been suggested that all scarce inputs to the economy should be taxed. And yes the idea of Georgism is to let market set the prices and tax based off of that.
It does become complicated when the scarce inputs are things like highly specialized labor. Georgism wouldn't tax that monopoly, though our current systems (progressive income taxes) do. Many people would want a system which penalizes businesses for buying up e.g. all the veterinarians in a city and charging monopoly prices.
Georgism is not about scarcity, it's about economic land: inputs to production which are fixed in quantity, and that you can't make more of. This is a very different characteristic than scarcity, because many scarce things can be increased, and should be if they are needed.
Taxing specialized labor goes against that spirit, because specialized labor can be created. And in fact taxing the labor would result in less of it being there, the exact opposite of the optimal result.
> Georgism is not about scarcity, it's about economic land: inputs to production which are fixed in quantity, and that you can't make more of.
I think people get tripped up on this specifically because a growing demand for something with fixed/inelastic supply will naturally tend to cause that thing to become scarce given enough time, and it's that scarcity as applied to land that's making Georgism look more and more like a good idea.
skew-aberration · · focus · HN ↗
Also Georgism is 100% LVT -> A land tax alone has been the recommendation of many economists before and after George - From Smith, Riccardo, Mill to Friedman. Across classical, neoclassical, Keynesian, Austrian schools. If there's one thing economists can agree on, it's that land tax is better than income tax.
jdjdndndbd · · focus · HN ↗
skew-aberration · · focus · HN ↗
It does become complicated when the scarce inputs are things like highly specialized labor. Georgism wouldn't tax that monopoly, though our current systems (progressive income taxes) do. Many people would want a system which penalizes businesses for buying up e.g. all the veterinarians in a city and charging monopoly prices.
epistasis · · focus · HN ↗
Taxing specialized labor goes against that spirit, because specialized labor can be created. And in fact taxing the labor would result in less of it being there, the exact opposite of the optimal result.
yellowapple · · focus · HN ↗
I think people get tripped up on this specifically because a growing demand for something with fixed/inelastic supply will naturally tend to cause that thing to become scarce given enough time, and it's that scarcity as applied to land that's making Georgism look more and more like a good idea.