[Opinionated Blowhard]

As horrible as this idea is, as much as it creates perverse incentives to spend and not save, at least it would hit hypocrites like Warren Buffett and other “patriotic millionaires” who already have a pot of money in the bank and want everyone else’s income taxed.

[stop_fascism]

If done properly it wouldn’t produce those perverse incentives. Henry George proposed such a program over 100 years ago. Put simply - since the value of land is created by society, society should be paid for the use of that land. All other taxes should be eliminated.