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

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Part I. The three legs of the Tripos

Collection:: Economics Books

48 THE ABCOF TAXATION value of the land by the amount of the capitalised value of the tax. The future owner will, therefore, be able to buy it so much cheaper that he will realise as large a percentage on his invest ment as though the tax had never been levied.”—Thomas N. Carver, Tale Review, Nov. l8g6. A recent College and University text book* makes reference to the argument of this illustration, as re stated in Chapter XII., in the following comment; Many present-day followers of Henry George find in this principle of amortisation at once a justification and a method of securing for society all economic rent. Under present condi tions, they say, a man who buys land wholly escapes taxation upon it. Consequently, in order to make landowners pay as much as other people we should have to increase the tax upon land by a rate equal to that paid by the average tax payer as often— say every thirty years— as the land of the community changes holders. In this way the State could gradually and with justice absorb all economic rent. But this whole chain of reasoning is fallacious for three reasons: (a) This capitalisation takes place only to the extent that the tax on land is exclusive and unequal, and modern taxes upon land are not of this nature. (h) In so far as this programme of the single taxers were anticipated and understood, it would visit the whole burden of the “reform” upon present owners, instead of being dis tributed over several generations. Subsequent purchasers would discount these periodic increases of the tax and pay to owners for their land only the present value of the rapidly vanishing income from land. Land would be valued simply as a terminable annuity. ♦ “Outlines of Economics,” Revised Edition, by Richard T. Ely. The Macmillan Company, 1908, pp. 621, 621.

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