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.

土地又回来了。20世纪下半叶，财富的增长来自住房和土地。应该征税。我们在贾德（Judd）的标准设置中引入土地和房屋结构：首先，对土地征收财产税即可获得最佳最优税收，而无需缴纳资本税。在对房屋租金征收正税的情况下，仍然可以取得最佳效果，但可以对房屋租赁投资给予补贴，并且可以采用不同的土地税率或对推定的租金征税。可以征税。即使没有土地税，人们也可以间接对其征税，达到拉姆西第二的最好水平，而在稳态下无需缴纳资本税和积极的房屋租金税。该结果扩展到参数限制下的动力学。