*very interesting episode John, thanks for posting,so let's say a detached house in North West part of Toronto worth $1 million 1700sqft on land 50×120 now pays $3700 property tax, how much lower would this new land value tax be per year for the owner who is a primary residence*
Thanks Jon for bringing your guest on to the program . He is sound on theory but had zero practical application and he nullified his own arguments when pressed with a question. In realty home prices in Toronto has appreciated year on year on average from 1968 to 2023 only by around 7% annually while the government oversupplied the economy with money printing and deficit financing / M2 by 8.1% annually Effectively any one having a paid off home is loosing wealth owning that home . People make money only by leveraging and I hope the guest you had understood that . Annual devaluation/ debasement of the currency is what is killing it . John, with your academic background and practical Experience it will be of interest if you were to dissect this in one of your programs Thank you RR
Still don't understand how it helps tenants?! If I rent a McMansion with a gigantic garden in the middle of Toronto the land taxes will be reflected in the land taxes! It will help everyone who lives in a condo regardless if they rent or own. It will incentivize people to upgrade their property (good for economy) and use land more intelligently (e.g more duplexes, quadriplexes....). Additionally it will be a fairer tax Rich people living in a McMansion will finally pay their fair share
What is a point of this in Canada? I do not know about downtown Toronto but where I live we have big lots and zoning regulations that flat out prohibit further subdivision and development. The only thing you will achieve in this case is punish those who already moved out from dense areas.
@@myt1soo320 Yet still it will punish for amount of land you have, forcing middle class people who own wooded or ag acreage that can not be developed to sell it to rich/corporations.
@VitaliyMonastyrev No because that land in the country will not be worth much and taxed a lot less then land in a city. Plus as mentioned you can offset these taxes with reductions in taxes on more productive areas such as reducing income tax.
@@reefermadnesss moreover, if you cancel income tax this will mean that rich guy with mansion on 5 acres in rural area will pay less in tax than his neighbor with modest cabin on hundred acres. This either means that rich guy not going to pay tax at all or it will be prohibitive for neighbor with cabin.
@@reefermadnesss I would even say that any tax on asset you already paid for is a terrible thing. The only reason property tax makes sense is because it is maintenence fee for municipalities so they can run infrastructure that service the property. As soon as you start taxing assets as main tax to run the country - only rich will be able to own such assets
So idealistic. As if the tax collected will actually be used to benefit tenants. And the argument that the current system is unfair and benefits landlord just shows how bias is views is. At the end of the day, theft is theft no matter how you sugar coat it.
I couldn’t agree with you more. Who is this commie? Interesting conversation but this guy sounds like a university stoner student who believes government has all the answers - to the problems only governments create.
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Omg I love this idea, and I love this channel! I'm learning so much, so please keep up the good work!
I'm with you - great channel and great idea. I'd vote for Land Value Tax today!
What’s wrong with just government spending a little less eh?
*very interesting episode John, thanks for posting,so let's say a detached house in North West part of Toronto worth $1 million 1700sqft on land 50×120 now pays $3700 property tax, how much lower would this new land value tax be per year for the owner who is a primary residence*
Thanks Jon for bringing your guest on to the program .
He is sound on theory but had zero practical application and he nullified his own arguments when pressed with a question.
In realty home prices in Toronto has appreciated year on year on average from 1968 to 2023 only by around 7% annually while the government oversupplied the economy with money printing and deficit financing / M2 by 8.1% annually
Effectively any one having a paid off home is loosing wealth owning that home .
People make money only by leveraging and I hope the guest you had understood that .
Annual devaluation/ debasement of the currency is what is killing it .
John, with your academic background and practical Experience it will be of interest if you were to dissect this in one of your programs
Thank you
RR
Land tax should be based on squarefootage
Great deep dive into Land Value Tax!
Still don't understand how it helps tenants?!
If I rent a McMansion with a gigantic garden in the middle of Toronto the land taxes will be reflected in the land taxes!
It will help everyone who lives in a condo regardless if they rent or own.
It will incentivize people to upgrade their property (good for economy) and use land more intelligently (e.g more duplexes, quadriplexes....).
Additionally it will be a fairer tax Rich people living in a McMansion will finally pay their fair share
That was interesting… he talked about the rebate, but did he mention what the land tax would be compared to what we currently pay in property taxes?
What is a point of this in Canada? I do not know about downtown Toronto but where I live we have big lots and zoning regulations that flat out prohibit further subdivision and development. The only thing you will achieve in this case is punish those who already moved out from dense areas.
That could be a negative, but I highly doubt it will be a flat tax across the province. Rates would be lower as you get more rural…
@@myt1soo320 Yet still it will punish for amount of land you have, forcing middle class people who own wooded or ag acreage that can not be developed to sell it to rich/corporations.
@VitaliyMonastyrev No because that land in the country will not be worth much and taxed a lot less then land in a city. Plus as mentioned you can offset these taxes with reductions in taxes on more productive areas such as reducing income tax.
@@reefermadnesss moreover, if you cancel income tax this will mean that rich guy with mansion on 5 acres in rural area will pay less in tax than his neighbor with modest cabin on hundred acres. This either means that rich guy not going to pay tax at all or it will be prohibitive for neighbor with cabin.
@@reefermadnesss I would even say that any tax on asset you already paid for is a terrible thing. The only reason property tax makes sense is because it is maintenence fee for municipalities so they can run infrastructure that service the property. As soon as you start taxing assets as main tax to run the country - only rich will be able to own such assets
interesting discussion for sure
So idealistic. As if the tax collected will actually be used to benefit tenants. And the argument that the current system is unfair and benefits landlord just shows how bias is views is. At the end of the day, theft is theft no matter how you sugar coat it.
what theft?
I couldn’t agree with you more. Who is this commie? Interesting conversation but this guy sounds like a university stoner student who believes government has all the answers - to the problems only governments create.
Taxes will always be reflected in the rent! However, if you rent a condo you could pay less rent, because condo owner will pay almost no taxea
What a foolish idea. No crisis exists...poor are and always will be poor!!
What a delusional comment. You can't seriously be that ignorant in a country with free education.