Thi is not a fair policy because people would be taxed even if they have no or a low income. Once you have paid something off you should not be contiuously taxed on it. Also landlords will pass on the extra cost so people renting are paying even more.
To make the policy fairer it must exclude ones own family home.
More importantly introduce a capital gains tax like other OECD countries, that is by far the biggest tax loophole that benefits the rich at the expense of wage earners. To encourage local investment put extra tax on overseas invrstment
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