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Culture War Roundup for the week of October 10, 2022

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There is no clear theoretical way to "gradually" introduce it and dampen the blow, as any long term plan if factored into market price will bring long term land value down to nothing.

Because of discounting, phasing in an LVT gradually will reduce the present value of a plot of land by less than imposing it immediately will.

Think about a plot of land generating $25k per year with 5% discounting. The net present value of an infinite stream of $25k annual payments is $500k. If you impose a 100% tax on rental value right now, all those future payments are zeroed out, and the land's value drops to zero.

If you phase the tax in over a period of ten years, that will definitely reduce the land's net present value, but since it still generates some rental income for the owner, the NPV is positive.

I'll work out the math later when I'm at a computer.

Edit: I forgot about this. At 3% discounting, a 50-year phase-in will cut the current value of the land in half. At 5%, a 50-year phase-in will reduce the value by 35%, and a 30-year phase-in will cut it in half. At 8%, a 30-year phase-in will cut the value by 35%.