Let Gollum speak on my behalf...
Yeah, this is terrible. This policy would be like the left wing’s cartoon version of conservatives: take away the family farm or grandpa’s lumber mill and give it to billionaire developers to squeeze every last once of profit from it, with little to no taxation.
This is a regressive tax, where the super wealthy pay essentially nothing and lower or middle class people are taxed into oblivion - forced from their homes, family farms, and ancestral lands which will be bought up by big corporations for pennies on the dollar. It discourages community and conservative living, it punishes thrift and rewards avarice. It encourages irresponsible land use, environmental destruction, over-consumption of resources, and temporary profits over long term investments. It is a savage attack against rural communities in favor of not just the urban, but the to the benefit of the very richest and most exploitive urbanites.
It violates one of my core principles of what conservatism should be - leave people the hell alone. Because this kind of tax wouldn’t leave people alone, it seeks to destroy people who want to be left alone. If we have a poor rural family living off the grid and eating mainly food they grow themselves, this tax takes away that land and gives it to Captain Planet villains to strip mine.
Say what you will about income taxes, it has many flaws, but replacing it with this sort of tax would be so so so vastly worse it’s almost incomprehensible. It would be like some kind of dystopia with impoverished masses huddled in densely packed urban slums while trillionaires wipe their butts with silk on toilets made of precious jewels.
So, what I’m trying to get at here in my own subtle way, is that I’m not a fan of this.