So the next logical step would be that property tax to be extended over all your property, not just real estate. We already pay property tax on cars in Europe, but not yet on bank accounts, clothes on our back, collection of family photos, etc. Probably with you guys, it's already on the way.
I agree that the distinction between property and other forms of wealth doesn't make a lot of sense from the perspective of taxation and mostly exists for historical reasons. Especially because the wealthier the individual, the smaller the percentage of their wealth that is derived from property. Small amounts of wealth like clothes and family photos probably shouldn't be taxable in the same way that small amounts of income aren't.
