The influential journal, The Economist, recently wrote an excellent article on Henry George and land tax. The article was entitled “Why Henry George had a point”.
Nobel-prize winner Joseph Stiglitz is in favour of Henry George’s policies because “Rich people tend to own a lot of land, poor people very little. For that reason it wins favour with economists who worry about inequality…”.
The article makes other points in favour of land tax, for example:
Most taxes do not just depress economic activity; they also displace it—for example to offshore financial centres. The faster that tax collectors crack down on loopholes, the more clever accountants find new ones.
Land-value taxes, on the other hand, lack these perverse effects. They cannot reduce the supply of land, or distort decisionmaking. Instead they may even stimulate economic activity, by penalising those who hoard land and keep it idle (a big plus in desolate post-industrial cities where much land is vacant).
I commend the article for your attention!