Thread by @larsiusprime

So @beatmastermatt just put out this great video on #Georgism and #LandValueTax. If this was your first introduction to the theory, you might have some questions. I have answers.

Q. Can someone summarize Progress & Poverty for me so I don't have to read the whole thing?
A: YES --> gameofrent.com/content/progre…

Q. Does Land really matter anymore in the modern economy?
A: YES --> gameofrent.com/content/is-lan…
- Most Urban Real Estate value is Land
- LVT could raise 25-75% of current federal spending
- Land represents a massive share of major bank loans
- Land is the world's largest asset class

Q. Can Land Value Tax be passed on to tenants?
A: NO --> gameofrent.com/content/can-lv…
Empirical evidence from many studies all seem to indicate LVT gets factored into the price of housing and drives down both purchase price and rental price.

Q. Can Unimproved Land Value Tax be Accurately Assessed Separately from Buildings?
A: YES, PROBABLY --> gameofrent.com/content/can-la…
There are good modern methods out there, the trick is we need to push for more widespread adoption. I'm actively working on this field myself now.

Q. Is Georgism Politically Viable?
A: LET'S FIND OUT!
I like the bottom-up approach. Get one big city to do it and spread from there. Houston famously had a successful LVT back in the 1910's under J. J. Pastoriza, Houston's first Hispanic mayor:

https://twitter.com/larsiusprime/status/1427107150053183505

Q. Is Georgism just about LVT?
A: NO! It's also about all forms of monopoly and natural resource rent-seeking! See Norway's experience with natural resource management of oil and hydropower, on an explicitly Georgist basis:
slimemoldtimemold.com/2022/05/17/nor…
progressandpoverty.substack.com/p/norways-sove…

Q. Should I buy digital real estate in the metaverse?
A: NO ---> gamedeveloper.com/design/land-va…
The metaverse is currently experiencing a digital land-based recession, with the results playing out more or less exactly as Henry George has predicted!

Q. Are Georgists hard-line purists unwilling to compromise?
A: I'm not at least!

I'm happy to make incremental progress. Full overnight LVT might not be in the cards. But you know what could be?

PROPERTY TAX REFORM.

A revenue-neutral property tax shift to land.

Under this policy, you collect the SAME amount of money you're currently collecting from property taxes. Raised X million in property taxes last year? Raise X million this year. But raise it ONLY from land. Pass a universal exemption for buildings.

So the LVT is well short of 100% of the full rental value of the land, but heck, I'll take it, major improvement on the status quo.

The majority of the tax burden will shift to vacant lots, parking lots, and underdeveloped properties downtown in the city center.

It delivers property tax relief to the majority of your citizens while improving incentives. It's a great place to start and is pragmatic and founded on solid principles.

Oh right one more:

Q: ZOMG! Will LVT DESTROY FARMERS???
A: NO

Land VALUE tax, not Land AREA tax. Rural and agricultural land is nowhere near as valuable as Urban land. The VAST majority of land value is concentrated in city centers!

Q: Will Land Value Tax literally solve every problem ever?
A: Of course not. But it will fix a LOT!

LVT (and other Georgist interventions) address ROOT problems in the economy rather than just symptoms.

Housing/land policy affects the ENTIRE economy:
worksinprogress.co/issue/the-hous…