It is a relatively simple tax measure which has all of the usual problems of a simple tax change. Lawyers are really smart and usually able to come up with a way around paying taxes.
Just look at the fact that corporations are paying WAY less property taxes than individuals (at least in California). Any reasonably bright attorney will suggest to their clients that they form a wholly owned subsidiary corporation to hold each piece of property. Then they can buy and sell the corporation rather than the property and never have an increase in their property taxes.
If you want to help "play the tax game" with the new congressional committee, you will need a tax guide. The best that I have ever found is the U.S. Master Tax Guide published by CCH. It is less than $100.00, and can be bought online. It is a one volume paperback. If you need in depth analysis of a particular problem, the Tax Guide will give you the IRS publication numbers, which is a good place to start.
Please remember that there is almost never a simple solution to a complex problem.

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