All of these ideas miss the biggest revenue source of all, the one source that's been tried and proven to support exemplary transit systems all over the world - e.g. Hong Kong, Singapore, London, etc.
It is based on the premise that those who profit the most ought to pay for the improvements.
It is the Land Value Tax- the only tax that encourages production instead of discouraging it. It justly taxes locational advantage and untaxes true capital like buildings and wages, sales etc. The city is losing out on billions in uncollected location rent. A recent example is how the city had to make up the shortfall when Related Company did not pay its previous obligations to fund the extension of the #7 line.
The Land Value Tax is the most established economic theorem in the world.
- Scott Baker, President of Common Ground-NYC, Author of America is Not Broke! americaisnotbroke.net
The commuter tax is a form of mobile land tax on the location of the car during prime times, so yes, that is helpful. A toll swap might be a "wash" but could help a bit.
Neither of these comes close to the revenue possibilities, both long and short term, of the LVT, which has been proven all over the world to be the ONLY way to fully and sustainably fund a first class transit system. Compare NYC's creaky old system to Singapore's or Hong Kong's and you'll see what I mean, though ours may cover more miles.
All of these ideas miss the biggest revenue source of all, the one source that's been tried and proven to support exemplary transit systems all over the world - e.g. Hong Kong, Singapore, London, etc.
It is based on the premise that those who profit the most ought to pay for the improvements.
It is the Land Value Tax- the only tax that encourages production instead of discouraging it. It justly taxes locational advantage and untaxes true capital like buildings and wages, sales etc. The city is losing out on billions in uncollected location rent. A recent example is how the city had to make up the shortfall when Related Company did not pay its previous obligations to fund the extension of the #7 line.
The Land Value Tax is the most established economic theorem in the world.
- Scott Baker, President of Common Ground-NYC, Author of America is Not Broke! americaisnotbroke.net
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The commuter tax is a form of mobile land tax on the location of the car during prime times, so yes, that is helpful. A toll swap might be a "wash" but could help a bit.
Neither of these comes close to the revenue possibilities, both long and short term, of the LVT, which has been proven all over the world to be the ONLY way to fully and sustainably fund a first class transit system. Compare NYC's creaky old system to Singapore's or Hong Kong's and you'll see what I mean, though ours may cover more miles.
View this comment in the discussion thread