The ToP tax proposal assumes that living in a house I own with no mortgage is unfair compared to renters? Really? I paid for it with funds on which I have already paid income tax, I continue to pay rates ( already an "asset" tax), and must pay for continued maintenance (something a renter does not have to worry about). I am retired with fixed "income." Changing to your new tax scheme does not work out to a zero sum game; I won't make up for the asset tax with a reduction in income tax. If you want to capture tax from the upper crust, I suggest you institute a capital gains tax (tax the gain when realised), excluding the first $500,000 gain on a primary residence. If that still won't pay for an income tax reduction, then try an estate tax (with a $1million exclusion); that should focus the tax burden where it won't hurt the common folk.