Do you think society would be better with a Land Value Tax?

[Stephen Hoskins]

I'm interested in whether any of you think that your country would be better off if it used a Land Value Tax (LVT) to replace income taxes? The basic idea is the income tax is really terrible because it punishes people from working hard to earn and income, while a tax on land value doesn't change the supply of land. This shift would improve productivity and make our countries more wealthy overall.

There are difficulties in transitioning to this system, for example a 1% LVT would instantly reduce land values by about 15%, hurting property investors. But it would also be enough to cut income taxes by about a fifth. 

What do y'all think? Would you support such a change to tax policy if it happened gradually over time? Or a sudden shift towards it if landlords were compensated for the reduction in the value of their property?