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We don't need to create a property tax for equities to pop the bubble. Old fashion raising rates will do it. Taxing stocks is also problematic. Do you tax at the high water mark, or the average price over the whole year? How does an owner know when to sell? One could easily have an obligation that wiped out a very large part of their portfolio if they sold too late if there was a large draw down. Could a CEO lose shareholder control of the company because of a crash after a Game Stock like spike? i.e. "You had $1B of stock in June so you owe $230M, sorry that the stock in now worth $200M in August. You should have sold."