There are too many loopholes with holding property. You can create and diversify among enough companies and eventually you won't have to pay tax at all. No pol

There are too many loopholes with holding property. You can create and diversify among enough companies and eventually you won't have to pay tax at all. No politician will vote for this because they know where their bread is buttered. It would be suicide as they would find out when they lose every large donor. I doubt we'll ever get people into office that would vote for anything to disadvantage property holders. Even if you vote it in through a referendum, I expect a judge will crush it through some weaselly interpretation of the constitution or other precedent. California in particular has had several major referendums reversed by the courts. Will of the oligarchy, not that of the people.