Property taxes exist because we want to tax externalities like land use. Taxing fake wealth because you own a company and some VC assigns it a valuation is insane.
Why should you dilute your ownership share just because of some arbitrary number?
> Taxing fake wealth because you own a company
> [...]
> Why should you dilute your ownership share
So... is owning piece of a productive company "fake wealth"? Is it fake when you can leverage that valuation to have access to more credit and use that to buy real stuff (like property...)?
I'd argue that property taxes exist because we still live in a system resembling the feudal system we evolved from, and governments believe it is their right to tax our property to pay for their projects.
Who--other than "governments"--decided that its "your" property and that you somehow deserve monopoly rights to a piece of the planet that you didn't create?
Why should you dilute your ownership share just because of some arbitrary number?