Madam, - In the light of a looming economic crisis Ireland may not have to suffer as much as some economists seem to suggest. But we need to reform our tax system and shift taxation on income to taxation on land value.
History, misinformation, and vested interest make it difficult for people in Ireland to be educated in this matter. But those of us who have the common good of Ireland at heart should study the main underlying factor responsible for the remarkable economic success of Hong Kong.
The public recovery of land value in Hong Kong led to low taxes in general, low prices and high wages and investment.Because people in Hong Kong use land efficiently, and recover such a high proportion of land value, Hong Kong can afford one of the best mass transport systems in the world. Many economists will agree that land valuation tax is the most efficient way of collecting revenue - and the most equitable. - Yours, etc,
KONRAD DECHANT,
Arran Quay,
Dublin 7.