"...taxes will only be settled annually on a specific date."

Every year, as that data approaches, various businesses will collapse as investors sell off their equity to pay the tax, and stock markets will plunge for the same reason. This tax will destroy small businesses and eliminate young people investing in business, when they are starting out without handy sums of cash to pay tax on their investment. Worse, it will destroy farming because farms have very high capital costs for real property but relatively low incomes from business activity that cannot support 36% yearly tax on the value of their real property as it rises. This tax is a blatant mechanism to strip people of incomes that enable them to create wealth, that will leave them owning nothing, and raging at the corruption that has stolen everything they have worked for. They will not be happy about being dependent on UBI to survive.

Thanks!