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Updated: June 8, 2025
Accordingly collectivist reformers either promote schemes of division of large estates and favor the creation of large masses of small owners by this and every other available means, such as irrigation or reclamation projects, or if they indorse nationalization of the land in order to get the unearned increment for their governments, they still make the leases on as small a scale and revaluations at as long intervals as possible, and so do almost as much artificially to perpetuate the small farm under this system as they could by furthering private ownership.
"If," he inquires, "you tax the unearned increment on land, why don't you tax the unearned increment from a large block of stocks? I buy a piece of land; the value rises; I buy stocks; their value rises." But the operations are entirely dissimilar.
"It is hardly probable," continued Lord Hastings, "that your promotion has been unearned, Jack. No, I believe you can fill the bill." "In that case, I shall be glad to take command of the Plymouth temporarily, sir." "And how about me?" Frank wanted to know. "Where do I come in, sir?" "Why," said Lord Hastings, "I have no doubt it can be arranged so you can go along as first officer.
The sources of unearned incomes are, first, the "unearned increment" in land values; secondly, the "unearned increment" in the value of natural resources; thirdly, all interest on investment; fourthly, all wealth inherited or obtained by legacy or gift. The land value of Manhattan Island alone, the central part of New York City, is in the neighborhood of $3,500,000,000, and rapidly increasing.
It did not please Jim to have to follow the example of Zada and Cheever, and it hit him as a peculiar cruelty that he and Charity had to accept not only an unearned increment of scandal in the verdict of divorce, but also a marriage contrary to the laws of New York. New York would respect the ceremonies of New Jersey, but there would be a shadow on the title.
Directly the phase of enormous war loans ends, the new class of rentiers holding the various great new national loans will find themselves drawing this collectively vast income and anxious to invest it. They will for a time be receiving the bulk of the unearned income of the world.
Writers of fiction are apt to believe that in these times land-owners receive on compulsory purchase the extravagant sums that used to be awarded in past days and by their magnitude have hampered the railway companies and the general public ever since; juries or arbitrators have come to their senses, and compensation no longer spells unmerited fortune, except by the reaping of a large crop of "unearned increment."
It is quite true that unearned increments in land are not the only form of unearned or undeserved profit which individuals are able to secure; but it is the principal form of unearned increment, derived from processes, which are not merely not beneficial, but which are positively detrimental to the general public.
How we never really feel that these are all God's undeserved and unearned mercies; and then, how, if we set our hearts on anything which we have not got, forget all that we have already, and begin entreating God to give us something which, if we had, we know not whether it would be good for us; like children crying peevishly for sweets, after their parents have given them all the wholesome food they need.
With his 11s. 6d. in the pound on unearned and 6s. in the pound on earned incomes, Mr Hoare expects a revenue of £620 millions, "or enough to provide for the interest of the debt with a 1 per cent. Sinking Fund, and leave £20 millions towards the Supply Services." This was probably too low, but we may at least hope that Mr Hoare has gone rather further than was necessary to be on the safe side.
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