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How would that be better than a simple wealth tax?
I think the wealth tax would be hard to get satisfactorily right. Either too little to feel like 'justice' or too much and you have people losing controlling interest in a company despite never really wanting it to get valued that much and never wanting to sell it.
Also, I think if you are head of a private company, you have a lot more 'invisible wealth' than the head of a public company, so there's opportunity for a tax dodge through making your company private.
I like the idea of treating leveraging assets to actually have something spendable as income.
In Switzerland there is wealth tax that scales with your wealth and already starts at 100k, but then it's something like 0.001%. I've never heard anyone complain about it. I do agree though that the idea of treating leveraging assets as income is quite interesting and makes sense.