Re:The Rich Can't Get Richer Forever
by Scoundreller on Sunday September 01, 2019 @04:15PM
(#20854579)
Unless you’re taxing something at the time of exchange on a free-market, there’s always approximations.
Plenty of jurisdictions do market-value property taxes by using market data and creating models to approximate the rest.
It’s never perfect, but the line in the sand must be drawn.
Other taxes have the same approximation issues. Income taxes don’t really tax all the value I provide. Any social person barters plenty of value that goes untaxed, but technically should be.
>>> Back in the day, the British Empire's customs reserved the right to immediately buy the entire freight of a merchant ship for the value declared at customs
Can you elaborate on this/help me out with what to google for? I've never thought of this but it's actually a brilliant idea - would love to read more about it!
The value is determined in a voluntary exchange, such as a sale, and results of sales of similar property serve only as approximations.
Same problem is with the land value tax. It's like trying to buy / sell your property every time you do taxes.
There is a known mechanism to limit attempts do show an excessively low value. Back in the day, the British Empire's customs reserved the right to immediately buy the entire freight of a merchant ship for the value declared at customs. That could work with land and even realty, too, but would be much more disruptive.