[ihsw2]

Rich property owners (or those looking to become rich from high-value property) would counter with concerns about their property value being destroyed, but personally I am satisfied with this as it is an indirect means of progressive taxation.

Wrenching the general populace above bottom-barrel poverty was done on the back of twentieth-century prosperity (ie: progressive taxation) but there is no such progressive taxation scheme for property tax (ie: property taxes are exceedingly complicated and many deductions are available). It is only prudent that other (new and exotic) means of wealth redistribution are attempted.