Re: debate over LVT for London or England
- --- In LandCafe@yahoogroups.com, "Edward Dodson" <ejdodson@...> wrote:
> A land value tax should be at the
> heart of London's economic recovery
>Scotland & Wales cannot approve LVT as the video states.
> Left Foot Forward
> There are many other strong economic arguments
> for land value taxation - putting a dampener
> on the housing market by making it a less attractive
> option for investors; giving developers with land
> banks and other owners of brownfield sites a strong ...
"The £15 billion Crossrail project is expected to benefit many businesses in London, so they were required to contribute to the cost. A Business Rate Supplement has been levied on businesses with a rateable value greater than £50,000, raising £4.1bn towards the cost.
But building this new railway line will also benefit land owners along its route, estimated at a minimum to be a £5.5bn windfall gain by property consultants GVA. Their land becomes more valuable when the line is built without their lifting a finger but, unlike businesses paying rates, these landowners get their windfall gain tax-free."
True a business rate was set to help pay for Crossrail, which is better than nothing. But that is taxing the productive. While unproductive parasites cream off in land values. All wrong.
"The Jubilee line extension to Stratford is an even more stark example. The £3.5bn cost to the public purse was dwarfed by the estimated £10bn plus in windfall gains to land owners in the area."
Don Riley state the Jubilee Line extension raised land values to £14bn. Crossrail is far bigger and I can see land prices,when it is built to exceed £25bn all along it long long route.
LVT is high on the list in most Green parties around the world. But the Greens were in power in Germany and never pushed it through.