Could you explain this? I thought the idea of Land Value Tax was that the value of land gets taxed regardless of how much value is generated by use of that land. (e.g. a vacant lot is taxed the same as a lot with rental properties built on top given everything else equal.)

No it doesn't. Land tax doesn't target data centers, which usually want cheap land.

Further, when land taxes are passed down, they focus of physical goods and ignores IP and contract value. This means they are more flatly distributed throughout the population.

Third, many high return activities require almost no land. A stock trader or bank might make millions with the nanowatt of natural resources needed to flip a bit in a database. A plumber might need a lot of natural resources to fix your toilet

Data centers use small amounts of cheap land.