Step 5 turns to one of the most visible and damaging drivers of wealth concentration in America: real estate. A core philosophical principle of this plan is that corporations are not people. Supreme Court rulings that have granted corporate personhood, particularly in ways that allow unlimited influence and ownership rights equivalent to living citizens, must be overturned.
Only people and the government may own land
We implement a complete ban on real estate ownership by any non-individual entity. Only U.S. citizens (as natural persons) and the United States government may own real estate. This ban applies to all real estate: residential, commercial, industrial, agricultural, vacant land, and every other category. Corporations, LLCs, trusts (beyond limited exceptions), hedge funds, private equity firms, REITs, nonprofits, churches, universities, foreign entities, and all other non-individual owners must divest.
Exponential tax on individuals
To keep the system in check and prevent individuals from accumulating massive portfolios, we apply an exponential real estate tax. The tax rate begins at 1 percent on the total assessed value of an individual’s first owned property. For each additional property owned, the applicable tax rate doubles.
| Properties owned | Rate on total assessed value |
|---|---|
| 1 | 1% |
| 2 | 2% on both |
| 3 | 4% on all three |
| 4 | 8% on all four |
| 5 and up | Keeps doubling |
A rebate equal to the original 1 percent is provided for a person’s primary residence, so ordinary homeowners are protected. Joint ownership is permitted, but each person’s share counts separately toward their individual exponential tax calculation. In partnerships or similar arrangements, the highest applicable rate among the partners applies to the entire holding to prevent avoidance.
This structure strongly discourages hoarding of large real estate portfolios while still allowing individuals to own and build personal wealth responsibly.
Transition
Current non-individual owners will have a reasonable transition period to comply. I recommend five years for residential properties and ten years for commercial and other properties. During this time, limited temporary trusts will be permitted to facilitate orderly transfers, with strict time limits and ultimate ownership by U.S. citizens.
Businesses will no longer own their operating properties. Instead, they will lease real estate from individual owners. The exponential tax is expected to keep real estate costs significantly more affordable overall by discouraging massive accumulation. This will create far more individual landlords competing for tenants, which should drive better lease terms and greater competition in the rental market.
Inheritance is fully respected. Property can pass to heirs without forced divestiture or a special death tax. Heirs will have a short, reasonable timeframe to decide whether to keep or sell the inherited property.
New development and large-scale projects can proceed through cooperative models, long-term individual leases to developers, or arrangements with the government on publicly owned land.
By returning ownership to individuals and the United States government, and using the exponential tax as a self-regulating guardrail, we reduce speculative pressure on housing prices, make homeownership more attainable for working families, and discourage the financialization of a basic human need.