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Showing results for tags 'land value tax'.
https://www.cityam.com/a-property-wealth-tax-is-the-only-fair-way-to-pay-for-the-covid-19-crisis/ "So how’s this for a proposal: we should scrap principal private residence relief which means people are not liable for capital gains tax if they are selling their home, and introduce a 10 per cent property capital gains tax on all homes. It would be payable when cash is available (unlike, for example, an annual mansion tax), at the time of sale or settling an estate following the death of the last living owner."
There's a lot of good talk about a Land Value Tax. It has support from left (redistribute) to right (tax on consumption). But how would a Land Value Tax be set? If Council Tax is a blunt instrument (because its set by a bureaucratic, not market, process) how would LVT not be "same sh!t, different bucket"? Some key issues to get right: The dream looks great. But can it be achieved and how? In this case, land is taxed at 100% of its value, eliminating the landowner surplus completely. The ownership of land becomes worthless except to users (consumers).
On the plus side Labour's new shadow chancellor, John McDonnell, is a member of the Labour Land Campaign (LLC), and has been for some time. LLC was set up to promote land value tax, more equitable distribution of the land and so on. So that should help get LVT onto the agenda. On the down side, bookies have him odds on favourite to be the first of the shadow cabinet to resign/be sacked. But, for now, 'Go McDonnell, go!'
Joe Sarling (@joesarling) has put forward a proposal for a London Land Levy and I thought it might be of interest to HPC forum members http://commenttoday.org/2015/06/18/the-london-land-levy-a-regional-land-value-tax/ You can also contact Joe on Twitter if you have any comments and suggestions for help move the debate forward