With tax reform in the air again, maybe it’s time to re-release an excellent paper by colleague, Dr Gavin Putland.

“We must conclude that land prices are determined not in the property market, but in the financial market — not by any rational relationship between prices, rents, interest and capital gains, but by the capacity of the financial system to create credit against land.

Problem: the ‘rational’ price of land is infinite; solution: abolish income tax.

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