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Henry George popularized this method of raising public revenue in his works (especially in Progress and Poverty), which launched the 'single tax' movement. In 1977, Joseph Stiglitz showed that under certain conditions, beneficial investments in public goods will increase aggregate land rents by at least as much as the investments' cost. [1]
This "Single Tax" movement later became known as Georgism, after its most famous proponent Henry George. It proposed a simplified and equitable tax system that upholds natural rights and whose revenue is based exclusively on ground and natural resource rents , with no additional taxation of improvements such as buildings.
Georgism, also called in modern times Geoism, [3] [4] and known historically as the single tax movement, is an economic ideology holding that people should own the value that they produce themselves, while the economic rent derived from land—including from all natural resources, the commons, and urban locations—should belong equally to all members of society.
Marx saw the Single Tax platform as a step backwards from the transition to communism. [105] On his part, Henry George predicted that the forced introduction of socialism "would, if carried to full expression, mean Egyptian despotism."
As an alternative he proposes his own solution: a single tax on land values. George defines land as "all natural materials, forces, and opportunities", as everything "that is freely supplied by nature". George's primary fiscal tool was a land value tax on the annual value of land held as private
Henry George (September 2, 1839 – October 29, 1897) was perhaps the most famous advocate of land rents. As an American political economist, he advocated for a "single tax" on land that would eliminate the need for all other taxes.
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Henry George (2 September 1839 – 29 October 1897) was perhaps the most famous advocate of recovering land rents for public purposes. A journalist, politician, and political economist, he advocated a "single tax" on land that would eliminate the need for all other taxes. George first articulated the proposal in Our Land and Land Policy (1871 ...