If you tax people on what they earn, people declare certain things as 'not an earning'.
Yes, the People through their elected representatives who write and pass the tax legislation. It's not like Joe Smith gets to decide that this year's salary is "not an earning" all on his own.
If you tax people on what they OWN, then you don't screw over anyone.
Except people who plan ahead for the future and save their money so they have something to live on when they retire. You screw over people who work hard and provide a good house and nice things for their family. When you tax what people own, you tax it this year, and then you tax it again next year, and then again next year... which pretty much screws EVERYONE -- except those who save nothing and live hand to mouth. And creates more of those as the guy who owns the nice house has to scrape up yet another federal tax to keep it, even if he's lost his job and has zero income.
Taxing ownership is a ruse to cover class envy, nothing more. Just how much of what people own should the government take away from them every year (in addition to the effects of inflation and depreciation that reduce the actual values)? Ten percent? Twelve? Just five?
Do you tax retirement plans that people haven't yet vested in, or haven't yet received? Who "owns" that money?
Do you target family farms for enforcement, so they have to come up with ten percent of the value of the farm every year in taxes? Do you care if that shuts them down because they've had to sell it off to pay the taxes?
and if you can't pay the taxes on it you shouldn't buy it.
Another voice telling people what they should and shouldn't buy. That house you bought ten years ago when you had that good job, and now you're unemployed and cannot afford the yearly federal "gurps" tax on it? You shouldn't have bought it. You don't deserve it if you can't afford to pay the taxes on it today. We know, you worked hard all your life and saved up to buy it, but we simply don't care. The fact that local property taxes can do that to someone is bad enough, you want to add a federal tax on top to make it happen sooner and more often?