> You're taxing theoretical value that may or may not actually exist. If it's real enough to, say, use it as collateral for a loan, it's real enough to tax. >

> You're taxing theoretical value that may or may not actually exist. If it's real enough to, say, use it as collateral for a loan, it's real enough to tax. > penalises attempting growth There is a lot of growth going on that should absolutely be penalized.