Comment by neilwilson

“Most economists” haven’t the faintest clue how money works. Relying on their pronouncements is why we’re in the mess we’re in.

The LVT doesn’t work for the fairly simple reason that value is in the eye of the beholder and requires a bureaucracy, tax is paid from income and rich people have power and therefore just put the prices up to recover the extra cost, which they can do because there are fewer jobs than people that want them.

Legal tax incidence != economic tax incidence

Taxation by estate agent is a non-starter in any democracy. Nobody likes real estate people to start with.