An interesting (if completely unfeasible politically) idea for taxing property and fixing compulsory purchase rules http://ericposner.com/property-is-another-name-for-monopoly/ …pic.twitter.com/Mn4EYc6iPY
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the argument against is that the rich have more flexibility than the poor and so can set proportionately lower valuations.
I don't understand?
If I am an ordinary schlub and some speculator buys my house against my will, I'm stuffed. If I have 3 houses, my transaction..
..costs are lower, because I can live in a different one, or whatever. => schlub has to defensively overvalue his house.
costs of moving aren't that much higher to the rich, and they have a lot more to lose by undervaluation
I don't see at all that your points imply individuals wouldn't price their house at its true value (- tax)
If someone buys my home at its true value but I don't want to move, that's imposing a very significant cost on me.
the "true value" is how much you're willing to forgo in order not to move, by definition!
You're saying a sentimental attachment to, say, a childhood home, is a taxable asset in itself?
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