Steven Bond-Smith posted the suggestion below but got buried in the deluge of comments. I think it is gold just like this one by Fiona Jardin. Brief, to the point and bang on.

The proposed policy is not a tax on “success”. In fact, it is a tax on failure because those with successful, income-generating investments would pay less under a capital tax than under an income tax. Those with unsuccessful, wasteful investments (or overpriced homes) that don’t generate income are the only ones who would pay more. People will aspire to be successful, rather than aspiring to own a bunch of overpriced, under-taxed property.