The even better variation on this is land taxes (see Henry George's Progress and Poverty, or the summary here: https://gameofrent.com).

There are heaps of advantages to this approach, like no capital flight (can't take land overseas with you), no economic inefficiencies (taxing land doesn't get rid of land, whereas taxing pretty much anything else reduces the supply of that thing, taxing land doesn't reduce house-building the way property taxes do).