The ABC of taxation

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Monograph

Identifikator:: 1010741608

URN:: urn:nbn:de:zbw-retromon-21094

Document type:: Monograph

Author:: Fillebrown, Charles Bowdoin

Title:: The ABC of taxation

Edition:: Fourth edition specially revised

Place of publication:: Garden City, New York

Publisher:: Doubleday, Page & Company

Year of publication:: 1916

Scope:: 1 Online-Ressource (236 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Part III. Other essays and addresses

Collection:: Economics Books

1 5 8 THE A B C OF TAXATION use is $300 a year, a tax of |roo will not make it worth 8400 a year. These two propositions (a) that land value is a social product, and (b) that a tax upon land cannot be shifted by the owner upon his tenant in increased rent, are well settled in the professional mind. (c) Third and last is the fact, a necessary corollary of the second, that the selling value of land is an untaxed value, a proposition that has received the definite approval of upwards of fifty leading American teachers of economics and has been seriously questioned by but two or three of the three hundred to whom it has been submitted. Every purchaser of a piece of property knows, with out argument, that he is governed as to the price he will pay, not by the gross income, but by the net income that will remain to him after all charges and incum brances by way of mortgage interest or tax have been discharged. To illustrate: Assuming a piece of land worth I300 a year for use to be free of all charges and incumbrances, and assuming the current rate of interest to be 5 per cent per annum, a purchaser would buy the lot for |6,ooo, because interest upon that sum would amount to the stipulated $300 a year. But assume that, on the contrary, it is found to be subject to a mortgage of $2,000, upon which the annual interest charge is |ioo; then he will buy the land, not at $6,000, but at $4,000, the value of the equity remaining after mortgage interest has been paid. But assume further thas this lot of land, besides being subject to a mortgage of $2,000, is subject also to an established tax of $100, which charge the pur

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