■ unearned increment:
The amount by which land increases in value because of generally improving conditions in the area,not because of any particular efforts by the property owner.The concept is important to a social theory made popular in the late 1800s by American journalist Henry George, but which still maintains broad appeal.Proponents,often called “Georgists”support the return of the unearned increment to society,in the form of large taxes on that portion of the increase in value of real estate.The concept is diametrically opposed to the current system of long-term capital gains tax breaks,which allow a property owner to retain more of the unearned increment,not less.
■ unearned increment:
Unearned increment is an increase in the value of land or any property without expenditure of any kind on the part of the proprietor; it is a early statement of the notion of unearned income. It was coined by John Stuart Mill, who proposed taxing it. Mill's concept was refined and developed by nineteenth-century economist Henry George in his book Progress and Poverty (1879).[1]
This article incorporates text from the public domain 1907 edition of The Nuttall Encyclopædia.
■ Unearned increment, Fabian Tract No. 30 (1895)
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