[vannevar]

If you properly taxed real estate in a progressive way, you wouldn't have to bother with taxing paper wealth at all---the collective value of paper is already reflected in the price of land. People with large paper fortunes inevitably buy real estate, and when they do, their paper wealth inflates the price. This is why median residential housing prices have dramatically outpaced median wage increases, along with anything else tied to real estate, like sports and concert tickets.

[trollbridge]

What level of property tax are you proposing?

Raising property taxes raises housing costs for everyone.

[vannevar]

A progressive property tax would actually lower housing costs, by reducing real estate prices. There would be a homestead exemption, so there would be no impact on taxes for individual homeowners. I think it would tend to stabilize rents, as larger landholders would be forced to shed properties, which would be snapped up by smaller ones. The overall effect would be a decentralization of real estate, which in turn means a decentralization of wealth.