They do. What about the remaining 50-98% of wealth? This would do barely anything to solve the current problems related to inequality. The 99 years would just be priced in and everything would more or less stay the same.

All of that Georgism stuff makes about as much sense in the context of modern economies as the gold standard.

If you're an average early-mid career person you pay more than your net worth to be near locations of high productivity. If you're a billionaire, you pay a small fraction of your net worth. If your wealth is hereditary and you don't actually produce anything yourself, you don't even need to live in a high productivity location

Depends on who you think should be paying the most, I guess...