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Early in the twentieth century, Chinese leader Sun Yat Sen proposed a reform of property taxation. Every landowner would be asked to report the value of his land. The tax authority would then be allowed to choose between accepting tax based on the reported value and buying the land at the reported value. Explain how this mechanism would persuade landowner to report their land value truthfully

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Solution Summary

Land and Taxation premises are summarized. How this mechanism would persuade landowner to report their land value truthfully is explained.

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That proposition would simply work this way: if the landowner would give a low value to his/her land, then tax ...

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