The rising value of land means home ownership has become the equivalent of money laundering. It's time to tax it properlyby David Cooper / October 26, 2017 / Leave a comment
In the UK, profits on selling first homes are virtually tax free—a fact which means the UK economy suffers an impact equivalent to a £100bn annual currency counterfeiting operation.
Sound extreme? Winston Churchill’s budget speech of 1909 explains the situation:
“Roads are made, streets are made, railway services are improved, electric light turns night into day, electric trams glide swiftly to and fro, water is brought from reservoirs a hundred miles off in the mountains – and all the while the landlord sits still… To not one of these improvements does the [landlord] contribute, and yet by every one of them the value of his land is sensibly enhanced.”