PRICING CARBON IS A MAGIC JOB MACHINE
Frank de Jong
Bill Winegard
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Polito
Two BMO proposals were particularly impressive. The speculation tax is a proven success from the 1970's. The new BMO proposal should be equally successful: to "allow all capital gains on 'non-principal' residences to be taxed at the full marginal income tax rate…about 53%." That measure would make land and residence hoarding much less attractive to investors. The price of land would stabilize or fall thus making housing more affordable to build for both the private and public sector. The tax change would necessarily also have to be charged to all commercial real estate. Residences and commercial properties are long term depreciating assets; rising land prices have been the cost problem. Since we can't produce more land in desirable areas, we need these two measures to keep the costs down.
1. Adam Smith wrote about the rentier, "The landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce." Adam Smith Wealth of Nations, Book 1, Chapter 6, Of the Component Parts of the Price of Commodities (geolib.com)
2. John Stuart Mill, “If some of us grow rich in our sleep, where do we think this weal this coming from? It doesn’t materialize out of thin air. It doesn’t come without costing someone, another human being. It comes from the fruits of others’ labours, which they don’t receive.”
3. Keynes wrote this: "... yet it would mean the euthanasia of the rentier, and, consequently, the euthanasia of the cumulative oppressive power of the capitalist to exploit the scarcity-value of capital."
4. Friedman said this: Milton Friedman talks about LVT (Land Value Tax) of Henry George - YouTube
5. https://economics.bmo.com/en/publications/detail/c76a7448-4306-4a50-a335-3a7c98fcbe9e/
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