I'll concede that I'm not as economically literate as I'd wish, but this doesn't make sense to me. The "1%-ers" don't tend to store their wealth in land, do they? How would this proposal even out the wealth-gap when it is essentially blind to the mechanisms that the rich use to store their wealth?

If anything, this idea seems like it would only harm the (already struggling) middle-class, who may have little equity beyond their home/hand.