landval

The most famous of Murray Rothbard’s many denunciations of collecting land rent for public revenue was that by taxing away land’s market value, the tax would destroy its own base. Rothbard was confusing selling price, which depends on the owner’s ability to collect rent in the future and would hence would be destroyed if the full rent went to the community, and rental value, which would remain, and constitute the tax base. — L. D.