I developed a similar idea about 15 years ago when I questioned the Lockean Proviso and it's corresponding basis for the "initial" acquisition of property. IMHO the Proviso is B.S., but I needed an alternative.

So far the only thing I have come up with is that in a state of nature everyone has the same right to use the land, so if someone is going to claim property (and thus deny everyone else of their right to use it) then they should pay everyone for that.

I figured that each generation should get paid the value of the land being denied to them. With each generation being roughly 20 years, that leads to a tax rate of 5%. So each year the property owner pays everyone, through the proxy of the government, 5% of the value of the land. Simple, and an obvious cap to taxation.

Of course, when I showed my writing to some friends, they immediately responded "Oh, that's Georgism. Look up Henry George".

I have since moved on to a more pure anarchic philosophy, but IF you are going to have a government, I still think this is the best way to fund it.