Hardly a day passes without some comment in the press on the adverse effect of taxation on some sector of the economy. 20 contributors examine the merits of land-value taxation on the basis that it is more efficient - both government and industry would benefit from lower administration costs - and more equitable - both between one industry and another and between rich and poor. Recent headlines include:

Financial Services firms hit by VAT on outsourcing.
Budget hits road haulage industry hard
EU tax threat to eurobonds remains unresolved
[Rolling] Stones cancel tour over £12m tax bill
Incorrect tax bills sent to 800,000

Milton Friedman went on to answer his question as follows: 'In my opinion the least bad tax is the property tax on the unimproved value of land, the Henry George argument of many, many years ago.' He is not alone in recognising its properties. Prof. Martin Feldstein, a past chairman of the President's Council of Economic Advisors wrote:

This collection of 20 essays examines a number of the unique properties of this particular tax. It is more efficient - both government and industry would benefit from lower administration costs. It is more equitable as between one industry and another and between rich and poor. While freeing enterprise of many vexatious burdens, it could ensure a more environmentally responsible attitude with less red tape.

It is important to appreciate that Land-Value Taxation is not really an additional method of funding the necessary expenses of modern government. As Prof. Joseph Stiglitz, until recently Chief Economist at the World Bank, wrote some years ago:

'Not only was Henry George correct that a tax on land is non-distortionary, but in an equilibrium society ... tax on land raises just enough revenue to finance the (optimally chosen) level of government expenditure.'