It might, but it’s going to be politically difficult to navigate and maintain. The tradeoff of increasingly complex rules/taxes versus a straightforward (but you have to get valuation right) method like LVT is that complex tax schemes inevitably end up with loopholes or exceptions thanks to lobbying and political connections. In the rare cases where airtight rules are passed, those are often added later as “incentives” or other dealmaking. No free lunches in politics.