Common Wealth Canada
@commonwealthcanada
"Land. That's where the money is." It's time to stop taxing income from work more than land.
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Jon Stewart: "Capital is king and labor is devalued." Kyla Scanlon said capital can give labor a voice and an equity stake. Don't forget land. We should shift taxes from income to land value and broaden capital ownership through social wealth funds that pay dividends.
GenSqueeze's Paul Kershaw tells the hard truth about Canada's housing crisis: "To restore affordability for all, we need home prices to minimally stall or fall, so that earnings have a chance to catch up... 70% of Canadians support this." It's time to tax land, not paycheques.
It's completely absurd that a city like Toronto has so much low-density housing around transit. The incentives are all backwards. It should be more profitable, not less, to build & maintain homes than to hold land underused.
Toronto real estate broker John Pasalis talks about land value tax, an old idea with renewed interest to improve the housing system.
At the root of our housing crisis is the collective desire to treat homes as an investment, not just a place to live. How do we turn that around?
Adam Smith, the godfather of capitalism, strongly believed that we should tax land, not workers. Why tax what people have earned? We should tax what people have not earned. That would encourage more housing and make our economy work better.
BC land value "increased by over $1 trillion over a decade. It tripled." — Paul Finch, President of BC General Employees' Union This is the largest transfer of public to private wealth happening before our eyes.
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.)
"Some of these places don't even have closets. Investors aren't very choosy about whether the floorplan works...they just want the best value for their money." Our economy treats housing as investment first, home second. Time to reverse this mindset.
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