Discover and read the best of Twitter Threads about #LVT
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Have you ever wondered why there are so many vacant lots in our cities, especially in areas that have been zoned for development?
Why do some landowners leave their land idle and undeveloped, while others build homes, businesses, and amenities on theirs?
Why do some landowners leave their land idle and undeveloped, while others build homes, businesses, and amenities on theirs?
The answer lies in the way we tax property.
Under the current system, property taxes are based on the value of both the land and the buildings on it.
This means that landowners who improve their land by building on it pay more taxes than those who leave it vacant.
Under the current system, property taxes are based on the value of both the land and the buildings on it.
This means that landowners who improve their land by building on it pay more taxes than those who leave it vacant.
This encourages land hoarding.
Landowners can buy prime land and leave it empty, waiting to sell it for more.
They pay little taxes for their unused land, but get public benefits.
Landowners can buy prime land and leave it empty, waiting to sell it for more.
They pay little taxes for their unused land, but get public benefits.
1/ For those who missed the recent @SolonDeFi interview on @CryptoCast_yt, here's a recap! 👇👇👇
$LVT #DeFi #NFT
$LVT #DeFi #NFT
2/ The core of the Solon ecosystem is an automated market maker which serves as a token exchange & a way for anyone to create their own ETF. It allows for the creation of liquidity pools with more than 2 tokens & allows pool managers to concentrate liquidity to any price range.
3/ Solon also created a new type of fee which is calculated as a percentage of the maximum amount of impermanent loss that can be caused by a swap. When set to 100%, this fee will completely eliminate the risk of impermanent loss.
Wie @puls24news heute berichtet, liegen ihnen die Vernehmungsprotokolle von LVT & BVT zum Anschlag von Wien vor und man kann es offenbar nicht anders sagen: Sie belegen ein Versagen des österr. Geheimdienstes auf voller Linie.
puls24.at/news/chronik/a…
1/x
puls24.at/news/chronik/a…
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Laut Puls24 kulminiert die geballte Inkompetenz sogar in einem umfassenden "Staatsversagen".
Unterdessen hört man von beginnenden Verteilungskämpfen im #BVT. Innenminister #Nehammer hat als Konsequenz des Totalversagens des BVT ja eine Reform angekündigt.
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Unterdessen hört man von beginnenden Verteilungskämpfen im #BVT. Innenminister #Nehammer hat als Konsequenz des Totalversagens des BVT ja eine Reform angekündigt.
2/x
Offenbar trachtet die #ÖVP auch hier wieder danach, die neuen Posten mit parteitreuen Bekannten zu besetzen, anstatt hier auf Qualifikation zu setzen.
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Nau @WKogler
Manst ned a
dass es jetzt reicht!?
Oder wie viel Schande
wollt ihr euch noch aufhalsen?
Wie oft wollt ihr noch bei Moralfragen
die euch selbst betreffen wie Kurz
auf andere zeigen?
(In dem fall auf ihn)
1
Manst ned a
dass es jetzt reicht!?
Oder wie viel Schande
wollt ihr euch noch aufhalsen?
Wie oft wollt ihr noch bei Moralfragen
die euch selbst betreffen wie Kurz
auf andere zeigen?
(In dem fall auf ihn)
1
Ist das euer spiel?
Er baut scheiß
2
Ihr frissts die Krot
und er hält euch am leben!?
Läuft das so?
Es geht euch nix an?
Nicht euer Ministerium?
Aber die dürfen bei euren Ministerien mitmischen?
Wie lange wollt ihr dieses Spiel noch durchziehen?
Er baut scheiß
2
Ihr frissts die Krot
und er hält euch am leben!?
Läuft das so?
Es geht euch nix an?
Nicht euer Ministerium?
Aber die dürfen bei euren Ministerien mitmischen?
Wie lange wollt ihr dieses Spiel noch durchziehen?
3
Wie lange wollt ihr die #LVT Geschichte mittragen?
Hast Du auch schon Dossiers angelegt?
Oder liest du die vom Fleischmann,
damit du überhaupt noch was checkst!?
Falls man dir zu sehr am Arsch geht,
und ein Vizekanzler sich das ja nicht bieten lassen muss.
Wie lange wollt ihr die #LVT Geschichte mittragen?
Hast Du auch schon Dossiers angelegt?
Oder liest du die vom Fleischmann,
damit du überhaupt noch was checkst!?
Falls man dir zu sehr am Arsch geht,
und ein Vizekanzler sich das ja nicht bieten lassen muss.
Por supuesto.
El #suelo es hoy en día en un activo financializado, algo aberrante para algo de primera necesidad, que es parte fundamental del estado financiero de los bancos.
El #suelo es hoy en día en un activo financializado, algo aberrante para algo de primera necesidad, que es parte fundamental del estado financiero de los bancos.
Los economistas se ponen de acuerdo en muy pocas cosas, una de las pocas excepciones es en un impuesto sobre el valor del suelo (Land value tax: LTV (en.wikipedia.org/wiki/Land_valu…))
La idea es capturar las ganancias de la inversión en una localización que no son debidas al propietario.
La idea es capturar para lo público las rentas económicas.
Así, si pones una nueva cocina en tu casa esta no supondrá una diferencia al valor del suelo bajo tu propiedad.
La idea es capturar para lo público las rentas económicas.
Así, si pones una nueva cocina en tu casa esta no supondrá una diferencia al valor del suelo bajo tu propiedad.
Rent control is one of those ideas, like "term limits," that tells you how much someone has thought about the problem. Not much, it turns out. I wrestled with rent control until I read Progress & Poverty and learned how land value, not shelter rent, is the driver.
1/
#LVT
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#LVT
We already have term limits: they're called "elections." And anyone who can win, in a fair and equally-funded race, can stay in office as long as their constituents say. But "fair and equally-funded" are where we need to put in some work. The power of incumbency is real. 2/
So with rent control. It looks like an easy fix…limit what landlords can charge for rent. Boom: done. But this completely misses the rising value of land, rising tax assessments, and how that means properties decline or become vacant, as the capped rent doesn't pencil out.
2/
2/
Convo over a Seattle/WA state income tax (vs a local or broader ground rent), it struck me that NYC residents pay multiple income taxes — city, county, state — in the midst of broad inequality and some of the most valuable land in the world. 1/
thebalance.com/new-york-city-…
thebalance.com/new-york-city-…
A deadweight income tax will be gamed or massaged to exclude passive income or larded up with exemptions that ensure never quite achieves the desired outcome. It will raise revenue but the inequality it was meant to address will endure. Look to the postwar history of the US. 2/
Tax high earners and they will leave: wealth confers that kind of flexibility and as they leave, so goes the tax base. The pandemic as well as high local rents is forcing businesses with high earners to allow WFH or to add headcount elsewhere. 3/
Jerry Seinfeld: So You Think New York Is ‘Dead’ nytimes.com/2020/08/24/opi…
"Mr. Seinfeld is a comedian."
Um, not *just* a comedian. He understands the value of location very well, much better than the mayors of cities like New York, Seattle, San Francisco seem to.
1/
#LVT
"Mr. Seinfeld is a comedian."
Um, not *just* a comedian. He understands the value of location very well, much better than the mayors of cities like New York, Seattle, San Francisco seem to.
1/
#LVT
We heard back in the 90s that the internet was going to annihilate distance and people could work from anywhere. Turns out people like to work alongside other people or maybe across from them, collaborating and competing, but close enough to know what's going on.
2/
2/
NYC built the subways to bring people into the city to create value and it worked. It's time for those same cities to tax that land, recapture that value, and keep on building.
Every joke has a kernel of truth — maybe every comedian is a little smarter than we think. 3/F
#LVT
Every joke has a kernel of truth — maybe every comedian is a little smarter than we think. 3/F
#LVT
Blame the Wealthy, Not the Left, for Seattle's Coming Decline thestranger.com/slog/2020/08/2…
A few years ago, Tyrone Beason at the SEATImes wrote a Sunday magazine piece asking if Seattle could hold onto its newfound wealth: the answer was obvious even then… 1/
A few years ago, Tyrone Beason at the SEATImes wrote a Sunday magazine piece asking if Seattle could hold onto its newfound wealth: the answer was obvious even then… 1/
Betteridge's Law was in full effect, of course. Seattle's wealth is its location, the indoor/outdoor lifestyle — the old climate and access to culture and activities, for those who can afford them. But it is selling that off, by allowing the land to be bid out of reach. 2/
Housing is already affordable: it's land that's expensive. Don't believe it? Look up a home here: blue.kingcounty.com/Assessor/eReal… and look at the assessed value of land vs improvements. Those $600k ramblers? A bargain at $300k, if you didn't have to buy — and finance — the land. 3/
I hear a lot about "affordable housing" in Seattle and other cities that are showing both strong economic growth and a tight housing market. My interrogation of this tells me that without affordable land, affordable housing is a dead letter… 1/ #LVT
Here is the property tax assessment for a modest 4 BR house in NE Seattle…note the price of the land relative to the house. Note how the land gets more expensive, eventually passing the value of the house. But isn't the house all that you want? 2/ #LVT
I mean, what can you do with the land? You can't farm it or mine it. It's zoned residential so you need special permission to run a business out of it. So why buy it? Why take on a much larger mortgage just to own something you can't use except as a place to keep a house? 3/ #LVT
BBC News - The boss who put everyone on 70K.
Has it really 4.5 years since @DanPriceSeattle put his money where his beliefs are?
I have been thinking of how Seattle's income/wealth inequality affects the business community as well as the workers. 1/
bbc.com/news/stories-5…
Has it really 4.5 years since @DanPriceSeattle put his money where his beliefs are?
I have been thinking of how Seattle's income/wealth inequality affects the business community as well as the workers. 1/
bbc.com/news/stories-5…
Think of the things that people like me won't buy as renters…
We're not remodeling kitchens or bathrooms so plumbers and contractors are missing out. We know landlords aren't doing that either… 2/
We're not remodeling kitchens or bathrooms so plumbers and contractors are missing out. We know landlords aren't doing that either… 2/
We're not landscaping or planting trees or gardening, if we are able to rent a house rather than an apartment. The landlord will cut the grass but no more than that. 3/
‘Why should I bother to come downtown?’ | What if there was more to downtown than shopping? 1/
seattletimes.com/business/local…
seattletimes.com/business/local…
What if operating rents were managed, not at the retail (customer) level but at the wholesale (rentier) level? What if we could make downtown about experiences vs purchases? It would be interesting to see how many people go d/t just to be where something might happen. 2/
Outside of Capitol Hill and a few blocks around Benaroya/SAM what is there downtown after hours? Driving to a function a few months back and all 5 of us, all of us longtime Seattle residents, couldn't remember the last time we had been to the downtown core. 3/
“he will apply a wealth tax on roughly 300,000 people with a net worth of $32m or above, leaving 99.9% of Americans untouched. The measure should raise an eye-popping $4.35 trillion over 15 years, he estimates.
Much of that money will be channelled…” 1/ gu.com/p/d9eej/stw
Much of that money will be channelled…” 1/ gu.com/p/d9eej/stw
…pockets of speculators who own the land needed for those homes. But no one on the socialist left, democratic or otherwise, seems interested in land as an economic factor. It has been erased from the discussion (by landowners, natch). Tiny houses, superblocks, Haussman blocks 2/
…all are useless without access to land. Developers know it: there is a reason why many developments are aesthetically minimal but expensive: the land costs so much. $100k per unit before you break ground is going to have to be paid for. 3/F #LVT
So "Mr 5%" throws up an interesting example of how @TheGreenParty and @UKLabour are very different.
If he earns £90k per year he will take home £1k less under Labour, but £1.4k more under the Green proposals.
Here's why...
If he earns £90k per year he will take home £1k less under Labour, but £1.4k more under the Green proposals.
Here's why...
While @UKLabour are seeking to increase taxes on higher earning workers, @TheGreenParty are promising to increase the tax take from asset owners, landowners, polluters and tax avoiders.
Tax rates will mostly stay as they are.
Tax rates will mostly stay as they are.
Coupled with our Universal Basic Income #UBI policy, this will mean all workers will we their take home pay increase.
Plus...
Plus...
The story isn't that Value Village is closing, it's that the rentiers want more $. What makes that land valuable? The roads leading to it, the neighborhood around it, the increased buying power of local residents, which the rentiers did nothing to bring about. #LVT 1/
Whoever does take on that lease will be sending their checks to Bellevue and from there, who knows? More locally-earned money going right out of the local economy. Seattle's new city council needs to take a hard look at the wealth created by the people who voted for them… 2/
…the value of the land that is paradoxically too expensive to develop but isn't for sale, until that unearned increment reaches the owner's target price. The state's 1% tax rate is too low to cover our needs but just fine for speculators. 3/
He's right…rent control — setting prices — will remove what little incentive landlords already have to keep up/invest in their properties. And it will discourage new construction as investors look elsewhere for opportunities. 1/
businessinsider.com/bernie-sanders…
businessinsider.com/bernie-sanders…
Yes, investors: landlords are not in the hospitality business. They buy properties: tenants pay off the mortgage and they take the profits from the land's appreciation. The property just has to be "good enough" to be rented; scarcity just lowers that bar and keeps rents up. 2/
Still wondering why so many self-IDed socialists are not pushing for land taxes/ground rents: even developers support the idea. Tax the land, lower the cost to build on it, reduce housing scarcity, and lower rents that way, through competition. 3/F #LVT
An esoteric point that illuminates a key point: a land value tax (#LVT) is not a tax; rather, it is a method to remove a subsidy, which is the price of land. Passing an LVT is akin to repealing a subsidy payment to landowners not wanting to pay the current market value of land.
What is the key point? If an LVT repeals a subsidy, then we can sidestep discussion about whether it is a "progressive tax" or not. Rather, we can then frame the discussion around whether repealing the subsidy is a progressive move.
When there is talk about cutting food stamps, it is said that removing this subsidy is not progressive because it goes exclusively to lower income people. So if we look at land price as a subsidy, to whom is this subsidy going, i.e. cui bono?
(1/17)
The Story Behind The Countryside Living Allowance…
…or…
How I discovered a policy that could raise wages and bring about full employment…
…a thread.
#CLA
The Story Behind The Countryside Living Allowance…
…or…
How I discovered a policy that could raise wages and bring about full employment…
…a thread.
#CLA
(2/17)
Minimum wage can drive marginal workers into unemployment.
Or push them into undesirable jobs with no room for professional growth.
So a policy that can promote employment AND raises wages is the Holy Grail of Economics
#fullemployment #wages
Minimum wage can drive marginal workers into unemployment.
Or push them into undesirable jobs with no room for professional growth.
So a policy that can promote employment AND raises wages is the Holy Grail of Economics
#fullemployment #wages
(3/17)
It all began when I was working on a project for tax and welfare reform.
My job was to investigate the revenue generating potential of Land Value Tax and the ease of avoiding payment.
#LVT
It all began when I was working on a project for tax and welfare reform.
My job was to investigate the revenue generating potential of Land Value Tax and the ease of avoiding payment.
#LVT
Ran an errand on foot — the best way to see a city — and I noted more business closings along a major highway inside the Seattle city limits. More open spaces/brownfields/derelict buildings to show off, I guess.
So what's the cause? High taxes/costs of doing business? Given that property taxes along that stretch are about 1% of property values, is that reasonable?
The parcel I noticed is valued at $610,000 for about 12,197 ft^2. Call me Kreskin but my guess was that the taxes would be about $6,000 (1%) and they are in fact $6,895.20.
