Georgist Conference in Baltimore, Part Two
Nov. 4th, 2018 06:49 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
ndrosenThis is about the charrette on the afternoon of Monday, August 27, 2018. After Delegate Tiger Davis, Lindy Davies said a few words, introducing Joshua Vincent. He said that back in the 1970s and 1980s, conventional economists grasped the Henry George Theorem: What local governments do, if it be worthwhile, raises local land values enough to pay for the government projects. There is thus no need for sales or income taxes; the revenue is under our feet! And then Joshua.
Joshua Vincent said that the local income tax in Baltimore is a 3.2% flat tax. People who work for a living shouldn’t have to pay this!
Have you played Monopoly? The Community Chest is a significant source of revenue, which is sustainable and can be tapped. Modern liberation.
Joshua said that there is insufficient revenue to address needs. Above all, Baltimore is taxed too much with not enough income. Maryland’s Governor Hogan has given a clear message that help is not on the way.
The median income in Baltimore is about $43,000; it’s over $100,000 In Montgomery County. The median home sale price is low (I didn’t catch the numbers), and the 2.36% property tax in Baltimore is lower than in other counties. How did we get here?
Decline in homeownership. Owners of rentals often don’t live in Baltimore. Vacant units — these were more often rental than owner-occupied.
Reappraise the effects of Baltomore’s current tax system. Incentives work! Incentives must be universal. Don’t confuse “unwilling to pay” with “unable to pay.” Four billion dollars is currently exempt: the stadium complex, Inner Harbor, the University of Maryland complex.
Guilford vs. Middle East: poor neighborhoods have very little land value. Currently, Baltimore has $800M from property tax revenue, only $50M of which is from land value tax. Getting rid of the sales tax would eliminate $350M. Then shoppers from Howard and Anne Arundel counties would come in to Baltimore to shop. Homeowners and residential property owners would benefit, because they now pay 60% of the property tax, but would pay less with LVT, except along the rich Charles Street corridor. Joshua had graphics showing this.
To be continued.
Joshua Vincent said that the local income tax in Baltimore is a 3.2% flat tax. People who work for a living shouldn’t have to pay this!
Have you played Monopoly? The Community Chest is a significant source of revenue, which is sustainable and can be tapped. Modern liberation.
Joshua said that there is insufficient revenue to address needs. Above all, Baltimore is taxed too much with not enough income. Maryland’s Governor Hogan has given a clear message that help is not on the way.
The median income in Baltimore is about $43,000; it’s over $100,000 In Montgomery County. The median home sale price is low (I didn’t catch the numbers), and the 2.36% property tax in Baltimore is lower than in other counties. How did we get here?
Decline in homeownership. Owners of rentals often don’t live in Baltimore. Vacant units — these were more often rental than owner-occupied.
Reappraise the effects of Baltomore’s current tax system. Incentives work! Incentives must be universal. Don’t confuse “unwilling to pay” with “unable to pay.” Four billion dollars is currently exempt: the stadium complex, Inner Harbor, the University of Maryland complex.
Guilford vs. Middle East: poor neighborhoods have very little land value. Currently, Baltimore has $800M from property tax revenue, only $50M of which is from land value tax. Getting rid of the sales tax would eliminate $350M. Then shoppers from Howard and Anne Arundel counties would come in to Baltimore to shop. Homeowners and residential property owners would benefit, because they now pay 60% of the property tax, but would pay less with LVT, except along the rich Charles Street corridor. Joshua had graphics showing this.
To be continued.
