Land Value Tax

I've been minded for ages now to give serious consideration to LVT, which seems to fit in well with the idea that some libertarians have that land is the one thing that you cannot create with the sweat of your brow, so you can never truly own it, so you should be able to tax its use for the benefit of society as a whole.

Mark Wadsworth has also argued very persuasively over the last few months, by demolishing arguments against LVT on an ongoing basis.

However, today he has also provided the single most influential reason for not going down the LVT path: Polly supports it. And as Mr E. says:

check which way she's facing, reader, and then bet the other way

Credit Crunch Basics ...

... from a man who knows his crap:

Borrowing and lending does not require the preservation of bankrupt banks. The banking industry is the greatest example of corporatism, in which government and banks form unholy alliances for their mutual gain, with government holding the ring. It is difficult to imagine anything more remote from “laissez faire”.

Do go read the whole thing.

Quote of the minute

Government income redistribution programs produce the same result as theft. In fact, that's what a thief does; he redistributes income. The difference between government and thievery is mostly a matter of legality.

-- Walter Williams, A Nation of Thieves

Hat tip to the ASI