The result is that return on effort are reduced. That mean labor, entrepreneurs, and capital bear the burden of supporting government budgets as opposed to landowners who benefit from the economic activity making their land valuable.
Taxes as a rule discourages whatever get taxed. The exception to this is land, because land isn't created. It already exists in nature.
Don't tax what people make, tax what people took.
>The government didn't create the land either.
The government did create the peace and order that allows you to sleep at night on your land without having to worry about another tribe taking your land from you. Without an ability to defend it, "your" land is a tenuous label.
The government, and the rest of society, also pays a hefty price routing utilities, police, ambulances, and people around your property's borders. The more property you have, the more it costs the rest of society, not just in money, but in time.
Earned income taxes are the most evil of all taxes. Why would you have to pay for the act of providing value to society?