Common Wealth Canada
@commonwealthcanada
Paypal co-founder Peter Thiel calls the US, UK and Canada a "Georgist real estate catastrophe". A giant wealth transfer from younger/working class to older/landowners. He supports taxing land (over other things) to fix housing and the economy.
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"Land. That's where the money is." It's time to stop taxing income from work more than land.
B.C. could eliminate taxes on income, property, transfer, and SVT with a single tax on land value. It could leave most households ahead and make the tax system much fairer.
Jeff Bezos: "The bottom half workers pay 3% of all taxes – it should be zero" There is a much better option than taxing working people. If the goal is fairness, start with land. It benefits from society's productivity without contributing back.
Economists on the left and right agree that the fairest tax of all is NOT on what you earn from work or building homes, but on what you don't earn from rising land value.
Our current tax system punishes development and work. Land value tax is the only tax that doesn't do that.
"Canada has built an economy where the best way to get rich isn't to invent create or build anything, it's to own houses and wait for prices to rise" "Money from work is taxed higher than money from owning homes" Imagine a housing minister saying this
The US, UK, Canada and Ireland all have a similar number of housing units per capita, yet Canada is far more expensive. Of course we need more homes built, but this just shows that there's more at play than just supply.
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This realtor identified the right problem: land as a long-term investment. He circles around the solution, but never quite lands on it though. Land value tax solves this (replace taxes on income and building.)
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