That’s correct, guys! So, our legislators prefer high land prices and all the deadweight losses from taxes on our incomes and purchases. In “Unlocking the Riches of Oz” in 2006, I found the excess burden amounted to a trillion dollars in Australia. The deadweight loss is significantly more now.

Economists advise that there is no such excess burden in taxing land values, but we fail to put this into practice as the main revenue base.