The declining share of land rent as a source of revenue means other sources must be tapped, at the expense of productivity
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I was happy to receive an invitation to appear on the popular RT TV show, "Breaking the Set" with Abby Martin, to talk about Geoism/Georgism. The invitation came the night before, and I was originally scheduled to be interviewed remotely in their NYC studio the next evening at 6:00, but a surprise NYC winter snowstorm pushed that up to 3:30pm! Luckily, I don't have to study Georgism very much any more.
You can click on the transcript icon if you need the written transcript for some reason.
Abby Martin is a quick study and I hope to have a future chance to appear on her show. There are more economic reforms. Maybe next time we can talk about Greenbacks...
They cut about a minute of me talking about our group, Common Ground-NYC's, local efforts, but it was still a good interview and probably an eye-opener to their global audience. Here is a chance to learn about efforts in NYC to collect the ground rent:
The Source of Prosperity is Under Our Feet: The Land
Why is there so much building in NYC, but so little affordable housing? Why do so many people want to live and work here, yet the market does not meet the demand?
The answer may be literally beneath our feet, in the collective value of the Land. The Land is part of the commons that gets its value not from any specific building, but from the demand of all of us who share and contribute to the commons.
Common Ground-NYC and the Henry George School invite you to a seminar on the effect of under-taxing NYC land and over-taxing its buildings and improvements.
By replacing the existing tax system with a split-rate tax that taxes land higher than buildings, we will encourage more efficient use of land and more opportunities for development that will provide jobs and businesses for the city. The split rate tax has been used successfully all over the world to improve communities, ranging from Pittsburgh and Harrisburg, PA, to Singapore and Hong Kong. It is perhaps the most proven economic theorem in the world.
The seminar will cover local examples of inefficient taxation ranging from McDonalds's (one of the biggest real estate owners in the city) to the new Billionaire's Row on 57 Street. At the end, participants will know where billions of dollars in city revenues can be found. They will also understand how only the tax on land can actually spur growth and opportunity, unlike all other taxes that discourage productivity.