What makes you think that people who own land are rich? Where I live, most of the population is composed of land owners. We are not rich. We are poor to lower middle class. All of us. We cannot even pay the property tax on the land. We are losing our homes and land. Everything. The value of property has been increasing until recently, the property tax increases continuously, while income and ability to pay the tax has been reduced dramatically. My grandparents bought some land a long time ago. The property tax now is more than what they paid for the place. Why should we lose what little we have so you won't have to pay income taxes? How about less government and more people willing to do something for themselves.
"The basic premise of taxation should be to first tax what society likes the least or dislikes the most, before it taxes honest labor or human needs." You got that right. Politics is the most disliked and dishonest labor, but there is a minority of people that squeal and whine the loudest for more government. Politicians will only listen to those that want more.
the stupidity of some people never ceases to amaze me. this tax would affect everyone who owns an equity mutual fund or has a pension fund because they trade stocks. that basically means virtually very american is affected by this dumb tax.