How it was explained to me in a business course in college is that capital should be taxed based upon it's economic yield. How much it costs a municipality to s

How it was explained to me in a business course in college is that capital should be taxed based upon it's economic yield. How much it costs a municipality to service a property shouldn't be taken into account. I've always believed that to make sense, and this article didn't sway me. If I want to sit on some empty land, then the government doesn't deserve any tax revenue from me because I'm not getting any revenue from the land. The government shouldn't be able to tax based upon "possible" revenue - because they are a poor judge of what is possible (as are most people). But they should be able to audit my books to find out what actual revenue is accruing from my ownership of capital. Taxing the rewards of capital is the basis of capitalism.