Detroit wants to be the first big American city to tax land value

Re:Detroit wants to be the first big American city to tax la... by lbwtaylor on Tuesday October 17, 2023 @12:16AM (#37910550)

>> Land Value Taxes just seek to be a more efficient (since they try to target rent seeking rather than profitable labor) and more just

So someone like Musk should pay basically no tax personally because he doesn't own any land?

I think the idea LVT comes from a period of time when land was a good proxy for wealth. These days, I think that's only true for the middle class, who gets crushed by LVT while the true wealthy laugh from their mansions on modest plots of land while spending their summers on billion dollar yachts.

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Re:Detroit wants to be the first big American city to tax la... by flownoon on Tuesday October 17, 2023 @01:00AM (#37910810)

Most of Musk’s money comes from astronomical stock valuations. Most of that stock is bought by hedge funds and the financial sector. That money mostly comes from mortgages and loans, which allow the financial sector to capture the land value that could otherwise belong to the people.

So basically land value (which nobody creates through their own labor- its created by a community and should be owned by the community) is vacuumed up by the financial sector, which they throw at tech.

For more on this process, look into Michael Hudson, who accurately forecasted the 08 financial crisis.

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Re:Detroit wants to be the first big American city to tax la... by asdfaoeu on Tuesday October 17, 2023 @01:10AM (#37910859)

People who don't directly own land will pay rent in one form or another that will go to a landlord that does pay rent.

Also ask a different question if he doesn't benefit from any of the land in the US why is he still there?

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