Economic essays

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Monograph

Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Land economics / Richard T. Ely

Collection:: Economics Books

LAND ECONOMICS 135 case of forest land. With present practices of taxation, forest land is usually taxed under the general property tax, like agri- cultural land. Since forest land produces an income-yielding crop only once in from 50 to 150 years, every inducement is offered to cut the timber and get rid of the land as fast as possible, thus avoiding an accumulation of taxes while the land is yielding no income. Except for fast maturing trees, land suitable for grow- ing forests is not reforested because of the heavy tax burden on private owners. This situation has prompted many economists to recommend a revision of forest taxation policies and a greater amount of publicly owned forest land. The theory underlying the present system of taxing land under the general property tax in the United States is founded ostensibly on the “ability-te-pay” principle. Ownership of land signifies saved wealth or the possession of the ability to pay taxes. With the increasing expenditures of local governments, particularly for general welfare purposes, these savings in the form of landed property have been called upon to make heavy contributions. At the same time expenditures for consumption are almost untaxed, relatively speaking. Many economists are calling attention to the fact that this puts a premium on spending and a penalty on saving. In other words, this inequitable distribution of taxes between savings and expenditures is rapidly approaching the point of encouraging consumption and discouraging produc- tive savings. Consequently, there is considerable scientific sup- port for the view that some of the heavy direct taxes upon land should be transferred to indirect taxes upon certain forms of consumption, 7.e., that a broadening of the base of taxation is necessary to avoid confiscation of land values. There are many other phases of land economics that represent new developments. The last word has not been said on any phase of the subject. As to what extent the theories that are being elaborated are modifying and enriching economic theory, the future will have to decide. As research into the facts con- tinues, we expect that land economics, in practice and in theory, will be considerably revised. Only a beginning has been made. But the demand for new knowledge about land and the human relations focussing on the land encourages all those working in the field to push ahead to new levels of accomplishment.

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