If you tax something, you get less of it. Either because you actually really get less of it, or because you encourage clever accounting. (Just look up Hollywood accounting..)

People making profit isn't something we need to discourage.

How about taxing CO2 emissions and eg alcohol consumption instead? (Something we can live with less off.)

And the old classic: put most of the tax burden on unimproved land value. Land's supply is fixed, so there's no economic impact at all.