Regressive taxes can be counterbalanced by redistributive policies. Sales taxes are regressive too for example and bring much much more revenue. The issue is sales taxes disincentivize consumption whereas gambling taxes disinventivize gambling.
That's because "tax the rich" is actually pretty bad tax policy because the rich really don't make a lot more income than the upper-middle to lower classes.
If you look at countries with robust social safety nets, they don't get there by taxing the rich.
The problem is that the rich are ultra mobile, just like their capital, so unless you restrict that they’ll just move somewhere else where taxes are low.
So countries basically end up competing with each other by lowering taxes to attract them while destroying their middle classes..
Same more or less applies to companies
So upper middle class ends up paying the bill.
Sufficiently high LVT will deter speculation, leading to collapse in land price and encouraging efficient usage of land and drastically affecting our political landscape.
But since they are such a large cohort, you cannot form a policy around increasing the burden on them. And after all, the tech family pulling $450k/yr are still a "working grunts".
So it's all eye's on the top 1%, but a true wealth gap fix would actually come mostly from harvesting the wealth of the top 20-30%.
England managed to confiscate the estates of its major lords through the inheritance tax.
The rich can leave, but they can't take their house with them.
Do they, though? The vig is 10%, very transparently shown in the odds, and paid immediately. It proves very little disincentive. The tax is paid annually and only if you win; for most people, it is 0%. Are we really going to argue that the tax is a serious factor in discouraging the behavior?
That's not the gambling-activity-specific taxes that Stoller's article discusses - typically applied to gambling businesses' revenues, not bet winners specifically.