An average of 10,000 dollars per acre, when multi-family houses and apartments fit several families, if not dozens or hundreds into a single acre, aka how high density and efficient land use in cities work, they would pay little if nothing in a LVT and have no income tax. It’s people who have several acres in high value areas or hundreds of acres not being used for productive agriculture, the Rich, who would pay millions in taxes.
If an acre of land in New York City was 1 million dollars per year with a LVT, a high rise apartment with 100 units would have people paying 10,000 per year for their share. That would be a tax cut for many people.
Yes, grandma in the Bay Area in a massive McMansion on a fixed income would be displaced but that land use was inefficient and they were not paying their share of property taxes today under our current system anyway thanks to California property taxes.
If an acre of land in New York City was 1 million dollars per year with a LVT, a high rise apartment with 100 units would have people paying 10,000 per year for their share. That would be a tax cut for many people.
Yes, grandma in the Bay Area in a massive McMansion on a fixed income would be displaced but that land use was inefficient and they were not paying their share of property taxes today under our current system anyway thanks to California property taxes.