This is essentially the same thing as buying up land and leaving it fallow, but with human resources instead of land. In some ways this is worse, as society has already invested in training those workers.
Land is finite. Buy half of all the land and that won't exactly drive the creation of more land will it? It'll just drive up the price of existing land.
This is in a nutshell why some things in America are dirt cheap (e.g. electronics, clothes) while houses keep getting more and more absurdly priced.
This is the rich corporation PR that I'm talking about.
So here's Richie Rich not spending most of his income, but also not selling any shares unless he wants to buy something. In fact, he doesn't sell shares even then, because instead he borrows money to buy things, so there are never any capital gains. Without a consumption tax he pays no tax at all.
But you're saying we need this tax, whose practical effect is to tax middle class people on the inflationary component of asset price increases, because they spend more of their income. Instead you want to tax middle class people on their income. But then what benefit do they receive by using an income tax which immediately taxes all of their income?
For years Steve Forbes the billionaire was the face of "the consumption tax". You dont get richer or more corporate than that fucker.
I dont want to tax the middle classes on their income either. It's regressive just not AS regressive as a consumption tax.
I want a land value tax.
In this world, renters pay all of the expenses incurred by land owners via a payment we call "rent".
Note that LVT discourages diverse development. You see an empty piece of land that should be filled with condos. I see an open space that lets me see something other than condos.
There is law, economic or otherwise that a business has to make a profit. With an LVT you cant profit from land speculation only providing a good, well maintained property which uses space efficiently.
LVT does not discourage diverse development. It only discourages land hoarding and inefficient use of land (e.g. San Francisco's one family homes).
There's a reason it was pushed mostly by billionaires.
LVT is the most egalitarian tax. It's completely unavoidable for land owners, renters pay nothing at all, it skews highest on the biggest landowers and it doesnt disincentivize productive investment or productive work.