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> The problem with this is that a huge amount of wealth today is not in the form of land, it's in the form of capital (physical, cash, and equities)

That's a feature, not a bug, of the LVT. The entire point is to tax something which is inelastic and won't cause deadweight losses by people not creating it (capital like physical or equity, or human capital, or labor for that matter). We want there to be lots of that kind of capital.




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