Land tax or wealth tax does at first glance seem like a good option to genuinely re-distribute wealth (since asset acquisition becomes a wealth spiral) whilst not discouraging income-generating innovation and work (unlike high income tax) and whilst also encouraging economy-boosting spending (unlike sales tax). What's not to like?!
Unfortunately, it doesn't work.
Very wealthy people are generally also very mobile. Here's an article talking about the impact of France's wealth tax, which they got rid of after finding that it cost the state twice as much in revenue as it raised.
https://www.investorschronicle.co.uk/education/2021/02/11/lessons-from-history-france-s-wealth-tax-did-more-harm-than-good/
it led to an exodus of France’s richest. More than 12,000 millionaires left France in 2016, according to research group New World Wealth. In total, they say the country experienced a net outflow of more than 60,000 millionaires between 2000 and 2016. When these people left, France lost not only the revenue generated from the wealth tax, but all the others too, including income tax and VAT.
French economist Eric Pichet estimated that the ISF ended up costing France almost twice as much revenue as it generated. In a paper published in 2008, he concluded that the ISF caused an annual fiscal shortfall of €7bn and had probably reduced gross domestic product (GDP) growth by 0.2 per cent a year
The article concludes that higher taxes and the flight of a cohort of France’s richest helped to reduce inequality, but left France worse off.
Some posters might suggest that reducing inequality is worth the economic hit, due to the increased social cohesion that usually correlates with lower income inequality.
BUT the same posters will still complain about our ever-reducing standard of living. And won't see that longer NHS waiting lists, under-resourced schools, insufficient funding for social security and elder care are a direct result of these kind of idealistic but counter-productive economic policies.
Note that the 7 billion euros annual shortfall the wealth tax cost France is about 5% of our Education spending.