It is important to say that the authors argument is so fraught with error that it is impossible to believe a person with an economics degree imagined it. the complexity in a significant tax that descends over time, coupled with the rationale of taxing primary residencies comes very close to the concept of a planned economy. Trying to use taxes to control markets is just ludicrous and invites major problems, including devaluing land ownership and permanently damaging the economy. Not only would foreign capital disappear, domestic capital would too because too much money would be at risk. The seriousness of this asinine suggestion should not go unchallenged.