That means over the course of a lifetime you have to pay twice and then perhaps a third time depending on how inheritance works in your country. That seems too much for any long term planning or investment.
I'm unsure as to how this would prevent long term planning or investment. A one million dollar piece of land presumably has buildings on it worth at least as much.
If it is bringing in something like $100,000 per year how would a $10,000/year tax completely make it impossible to build or invest.
Land Taxes and Property taxes exist the world over. They rarely prevent development from happening and a pure land tax is designed to encourage development.
Per [1] if you're paying $10000 in tax/yr, being able to invest the same money would take 41 years at 5% interest (long term S&P 500 has been just shy of 10%) to reach $1m, 29 years with 8% interest (compounded annually).
I'm unsure as to how this would prevent long term planning or investment. A one million dollar piece of land presumably has buildings on it worth at least as much.
If it is bringing in something like $100,000 per year how would a $10,000/year tax completely make it impossible to build or invest.
Land Taxes and Property taxes exist the world over. They rarely prevent development from happening and a pure land tax is designed to encourage development.