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ndrosenTo continue with Vitnarae Kang’s remote presentation on July 29, she said that South Korea has very low property taxes, the U.S. somewhat higher. In 2006, a Comprehensive Immovable Property Tax was introduced by the then president.
What is the new proposal? First, calculate values. How much is the revenue of a national land value tax? About 17 billion dollars per year. Net liability per household: taxes paid/benefits received.
Conclusion: Land as our Common Resource leads to a Citizen’s Dividend. People can feel, “It’s our land.”
A candidate in the presidential election, J.M. Lee, didn’t win, but someone else of the same party won (if I understood correctly).
Future development. Lessons and implications.
Any South Korean citizen can access an online tool, be provided with his property tax information, learn how much he pays/would pay, and what he would receive as benefits.
The Institute of Land and Liberty has been active eleven years (2006-2017). There has been a Georgist Movement in South Korea for three decades, from about 1984 on.
There was a Q&A session, in which someone asked whether revenue from LVT would all go to a citizens’ dividend, or also to government spending for other purposes. Ms. Kang said something about big companies— Chaebol. Stimulate economy. Other tax sources available. I didn’t fully understand this.
And then we had lunch; I’ll get to that.
What is the new proposal? First, calculate values. How much is the revenue of a national land value tax? About 17 billion dollars per year. Net liability per household: taxes paid/benefits received.
Conclusion: Land as our Common Resource leads to a Citizen’s Dividend. People can feel, “It’s our land.”
A candidate in the presidential election, J.M. Lee, didn’t win, but someone else of the same party won (if I understood correctly).
Future development. Lessons and implications.
Any South Korean citizen can access an online tool, be provided with his property tax information, learn how much he pays/would pay, and what he would receive as benefits.
The Institute of Land and Liberty has been active eleven years (2006-2017). There has been a Georgist Movement in South Korea for three decades, from about 1984 on.
There was a Q&A session, in which someone asked whether revenue from LVT would all go to a citizens’ dividend, or also to government spending for other purposes. Ms. Kang said something about big companies— Chaebol. Stimulate economy. Other tax sources available. I didn’t fully understand this.
And then we had lunch; I’ll get to that.
