Every person is given a similar amount of lifetime (only a few countries are exceptions).
Time can't inflate or deflate, is understood by all and easily measured, and it can't be stored. Taking it from others or trading it between people is difficult (we use money as a proxy instead).
Some obvious problems: quality of time, the value of different people's time is variable, retirement.
One of them is that your time is cheap when you're young and unskilled, and grows valuable as you grow old and become skilled (and have less time left). Each <unit of time> isn't equal for the same person, much less between them.
I was probably thinking more along the lines of: https://en.m.wikipedia.org/wiki/Tax_Freedom_Day