Henry George and his modern followers propose an LVT, a land value tax, a tax on the site value of land equal to what the rent on the land would be in the absence of any improvements. From an economic standpoint, the chief attraction of the LVT is that, since it is taxing something in perfectly inelastic supply, taxing it does not lead to any inefficient economic decisions. The site value does not depend on any decisions made by its owner, so a tax on it does not distort his decisions, unlike...
