Theoretically? Sure. In practice? You really have to bear in mind second order ramifications. People will be disincentivized from holding a stock, especially on

Theoretically? Sure. In practice? You really have to bear in mind second order ramifications. People will be disincentivized from holding a stock, especially one that has unrealized loss (theyll lose money AND pay for the privilege of doing so!). You’ll hurt long term stock holders but not tax day traders and wall street bros dealing in options. You’ll tax retirement portfolios more than the normal wealthy. If stocks take a haircut every year, holding onto cash and eating the inflation might become more attractive. P/Es will come crashing down, tanking the GDP as they go.