What a nonsensical argument. Yes, that's why we're all living in government owned housing, because if you tax something, it inevitably gets taken away, and nobody wants to buy houses, cause the government is just gonna take it away...what?
And if you think "well, it doesn't have to go to the government", who else will take it? Who would buy something that they would have to sell 5% of each year? The government, being the only thing that wouldn't be affected by a wealth tax, would become the de facto buyer.