First, I don&#x27;t care if LTV is technically regressive, I care if political opponents of LTV can claim it is, and they can.<p>Second, I actually included meaningful comparisons. My hedge fund gets taxed the same per sqft as the coffee shop in the same building (probably less, because the storefront property is more valuable, a 56th floor coffeeshop doesn&#x27;t get the same foot traffic as the street level one, my hedge fund works equally well whatever floor it&#x27;s on). Also, I&#x27;d put my back office operation in SC, which is great for me and SC, but looks a lot like me dodging my fair share. This might be economically efficient but it&#x27;s not politically efficient.<p>Googles datacentres are in the same industrial zones as those factories. Google&#x27;s offices are right next to malls and cinemas who would get billion-dollar tax bills if Google were to be taxed &quot;fairly&quot;.