The biggest problem I can spot with a solution like that is that it doesn't provide wiggle room for people that need to downscale rapidly. Say I lose my job and

The biggest problem I can spot with a solution like that is that it doesn't provide wiggle room for people that need to downscale rapidly. Say I lose my job and have to find something that pays half as much. With the current tax structure I can reduce spending and my income tax will automatically be lowered, so I can continue to afford my house. In an LVT only situation, I'm screwed.