Guys like you really have ZERO idea when it comes to land tax. It is a PERCEIVED wealth tax nothing more. How would you like to own investments where you could end up paying 30% of your income from those investments on a tax you get nothing back on. Then on top of that assuming you still actually make some money you still have to pay normal income tax rates.
UT I started to write about why land tax is an effective tool to maximise the efficient usage of land, not simply a tax grab. Then half way through I realized that wikipedia had put it far more succintly, I strongly advise you read up on the basis for this tax, http://en.wikipedia.org/wiki/Land_value_tax.
The land value tax was promoted by Henry George in his best selling work ��Progress and Poverty�� (1879). George�s idea that the value of land was created by the community and therefore belonged to the community.[1]
CBD land value goes up mainly due to investment by government and taxpayers (who own adjacent land and invest as well). Surely you accept it's not healthy (or fair) for a speculator to reap the rewards of sitting idly on a block of land in the middle of the CBD? If not, how else do you propose to stop this practice, if not a land tax?
