[mrlala]

That's an extremely disingenuous example.

Your house does not have an active market. It's not listed on an exchange. You can't sell "part" of it. Your house doesn't have a value until it's sold because it's unique.

Also, to most people, your house is your HOME. Treating it like an asset is rather silly in the first place.

>If the whole world decides a random rock in your back yard is worth $10M, you shouldn't need to give the government $3M while the rock just sits there.

If that person suddenly stopped contributing anything to society and took out 'loans' on his $10m rock to finance the rest of his life, never paying any taxes ever again and contributing nothing but holding a rock.. perhaps yeah, he should be taxed on it.