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1 A second, and a very bold political measure of Lycurgus, isº his redistribution of the land. For there was a dreadful inequality in this regard, the city was heavily burdened with indigent and helpless people, and wealth was wholly concentrated in the hands of a few. Determined, therefore, to banish insolence and envy and crime and luxury, and those yet more deep-seated and afflictive diseases of the state, poverty and wealth, 2 he persuaded his fellow-citizens to make one parcel of all their territory and divide it up anew, and to live with one another on a basis of entire uniformity and equality in the means of subsistence, seeking preëminence through virtue alone, assured that there was no other difference or inequality between man p229and man than that which was established by blame for base actions and praise for good ones.
There would be some hope for progress if the financial crisis was used to clean up bureaucracy and shift the tax system off the cost of living and doing business to a land tax on economic rent. This would prevent a new real estate bubble from developing, by holding down the “free” site value that could be capitalized into bank loans. This would lower the cost of housing, and also free employment from taxation. And it could go hand in hand with reducing the size of the Greek bureaucracy, for instance.
Since Californians shrank their property taxes more than three decades ago by passing Proposition 13, people around the nation have echoed their dismay over such levies, putting forth plans to even them, simplify them, cap them, slash them. In an election here on Tuesday, residents of North Dakota will consider a measure that reaches far beyond any of that — one that abolishes the property tax entirely.
The house price-to-earnings ratio for someone securing their first home in the capital has risen from 6.82 in the last three months of 2011 to 7.44 in the first quarter of 2012, according to analysis by the RBS Group.
Mortgage payments for these buyers now takes up 79% of their income after the deduction of tax, national insurance and other essential living costs, compared to 67% a year ago.
When those who sit and make no product have all the wealth how will it end? What a surprise when it falls apart again. Of course the land owners are not getting this free wealth. The financial sector is every time they print up some notes for a mortgage and charge interest. Any tax lowered on land will just bloat the land value to be purchased on credit and turned into interest payments.
1 A second, and a very bold political measure of Lycurgus, isº his redistribution of the land. For there was a dreadful inequality in this regard, the city was heavily burdened with indigent and helpless people, and wealth was wholly concentrated in the hands of a few. Determined, therefore, to banish insolence and envy and crime and luxury, and those yet more deep-seated and afflictive diseases of the state, poverty and wealth, 2 he persuaded his fellow-citizens to make one parcel of all their territory and divide it up anew, and to live with one another on a basis of entire uniformity and equality in the means of subsistence, seeking preëminence through virtue alone, assured that there was no other difference or inequality between man p229and man than that which was established by blame for base actions and praise for good ones.
There would be some hope for progress if the financial crisis was used to clean up bureaucracy and shift the tax system off the cost of living and doing business to a land tax on economic rent. This would prevent a new real estate bubble from developing, by holding down the “free” site value that could be capitalized into bank loans. This would lower the cost of housing, and also free employment from taxation. And it could go hand in hand with reducing the size of the Greek bureaucracy, for instance.
Since Californians shrank their property taxes more than three decades ago by passing Proposition 13, people around the nation have echoed their dismay over such levies, putting forth plans to even them, simplify them, cap them, slash them. In an election here on Tuesday, residents of North Dakota will consider a measure that reaches far beyond any of that — one that abolishes the property tax entirely.
The house price-to-earnings ratio for someone securing their first home in the capital has risen from 6.82 in the last three months of 2011 to 7.44 in the first quarter of 2012, according to analysis by the RBS Group. Mortgage payments for these buyers now takes up 79% of their income after the deduction of tax, national insurance and other essential living costs, compared to 67% a year ago.
When those who sit and make no product have all the wealth how will it end? What a surprise when it falls apart again. Of course the land owners are not getting this free wealth. The financial sector is every time they print up some notes for a mortgage and charge interest. Any tax lowered on land will just bloat the land value to be purchased on credit and turned into interest payments.
I'm mortgage shopping right now... there is now way I could get a conventional mortgage spending 67% or 79% of my income...
Right now, there are plenty of buyers in many markets... looked at a home one day after the first open house and it went pending with multiple offers... at least this is a common scenario in many parts of the SF Bay Area.
Prices are still down and mortgage rates have never been this low in my lifetime... to all those that said it could never happen... it has.
Co-worker just closed on a home with a 30 year, no point loan with 20% down at 3.375
It is a false assumption to think everyone wants to own property... I know many that do not, some that have and said never again.
I come from peasant stock and as a child, my parents always taught me to save so that someday, I could buy a house... it was very important to them to "Own"
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