Personally, I don't see why luxury items don't have big taxes. For example, a boat for pleasure, a motorcycle, cars with big price tags, jewelry, designer clothes. There could be a "luxury tax". If a person is wealthy enough to buy a jetski, then the person probably has a couple of thousand to blow on taxes. If a jetski now costs $10,000 plus state and city taxes, a federal luxury tax could be added on the total. Let's face it, raising income taxes on wealthy people is not the answer. Wealthy people are quite astute at finding loopholes. If the retailer is responsible for turning over X amount of luxury taxes to the federal government, then the retailer will make sure the buyer will pay his luxury tax.
I don't think high property taxes are a good idea. We have very low property taxes in Alabama, so most middle class and even people in lower classes are able to buy a piece of land and own their own homes. This is not the case everywhere in the US. Property taxes are often poorly assessed as we have had the problem in our county with one person's property taxes being 5% of the property's worth, while the next door neighbor's property tax may be assessed at 10% of the property's worth. I don't think it is corruption, per se, but incompetence. Also, people who are annoyed with the assessment can petition to get their property reassessed, which usually always ends in a reduction of tax, which shows how arbitrary this system really is.
I'm not really well versed in economics or politics, but taxing luxury goods seems like a good idea to me. If I had enough money to buy a Rolex watch, I'd not begrudge a couple of extra thousand dollars for taxes. But maybe that is WHY I don't have enough money to buy a Rolex watch!