People would be disincentivized to own land, which means most of it would be government owned and probably largely unused. Cities would be pushed vertically much more, and people would tend to live more densely.

Rent prices might go up a bit.

There's a risk that warehouses and other companies that require a lot of land might be pushed out of the US, but considering there's probably more taxes elsewhere this may or may not happen.

Food prices, especially meat, would skyrocket. This would push everyone to land-efficient foods (probably vegetarian stuff).

There would be far fewer private parks, since it would be much more difficult to account for the annual cost of just owning the land.

Any land-intensive resource (e.g. lumber) would increase in price.

The simplicity would be massively reduce the costs needed to run the IRS, simplify doing your taxes, and reduce opportunities for tax evasion.

Land would become a relatively poor storage of wealth.

Government would probably cut a lot of backroom deals offering use of land without owning it.

The value of land would decrease, and you'd often find cases of people unable to sell their land, while also being unable to pay the tax on it.

Farmers and such would pay the most taxes.

Any other effects that you guys can think of? Are any of the ones I listed incorrect or misguided?

Meat and Poultry Is Wildly Expensive Now — and It Could Be Due to Price Fixing (msn.com)

For everyone in the sub claiming this didn't exist.
Kroger Executive Admits Company Gouged Prices Above Inflation

More like Autistrian Economics, amirite? 🥁

I am from Austria and joined this sub thinking it is about the Austrian Economy, only to realize it’s exclusive to America.

Why not name it American_economics?