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Land is back, it should be taxed, it can be taxed

Author

Listed:
  • Wasmer, Etienne
  • Bonnet, Odran
  • Chapelle, Guillaume
  • Trannoy, Alain
Abstract
Land is back. The increase in wealth in the second half of 20th century arose from housing and land. It should be taxed. We introduce land and housing structures in Judd’s standard setup: first best optimal taxation is achieved with a property tax on land and requires no tax on capital. With positive taxes on housing rents, a first best is still possible but with subsidies to rental housing investments, and either with differential land tax rates or with a tax on imputed rents. It can be taxed. Even absent land taxes, one can tax it indirectly and reach a Ramsey-second best still with no tax on capital and positive housing rent taxes in the steady-state. This result extends to the dynamics under restrictions on parameters.

Suggested Citation

  • Wasmer, Etienne & Bonnet, Odran & Chapelle, Guillaume & Trannoy, Alain, 2021. "Land is back, it should be taxed, it can be taxed," CEPR Discussion Papers 15845, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:15845
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    1. Land is back, it should be taxed, it can be taxed
      by Christian Zimmermann in NEP-DGE blog on 2022-04-07 19:10:20

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    Cited by:

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    5. Samuel Ligonnière & Salima Ouerk, 2024. "The unequal distribution of credit: Is there any role for monetary policy?," French Stata Users' Group Meetings 2024 08, Stata Users Group.
    6. Joshua Coven & Sebastian Golder & Arpit Gupta & Abdoulaye Ndiaye, 2024. "Property Taxes and Housing Allocation under Financial Constraints," CESifo Working Paper Series 11203, CESifo.
    7. Braun, Stefanie & Lee, Gabriel S., 2021. "The prices of residential land in German counties," Regional Science and Urban Economics, Elsevier, vol. 89(C).
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    9. Ali, Daniel Ayalew & Deininger, Klaus, 2024. "Using registry data to assess gender-differentiated land and credit market effects of urban land policy reform: Evidence from Lesotho," World Development, Elsevier, vol. 175(C).

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    More about this item

    Keywords

    Capital; Wealth; Housing; Land; Optimal tax; First best; Second best;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns

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