[proofplan]
We use the definition of an infinite projection to find a proper subprojection $q<p$ with $q\sim p$. [Trace invariance under Murray-von Neumann equivalence](/theorems/9317) gives $\tau(q)=\tau(p)$, while finite additivity of the trace decomposes $\tau(p)$ as $\tau(q)+\tau(p-q)$. Since $p-q$ is a nonzero projection, faithfulness forces $\tau(p-q)>0$, so the equality cannot hold if $\tau(p)$ is finite.
[/proofplan]
[step:Choose a proper equivalent subprojection of $p$]
Since $p$ is infinite, there exists a projection $q\in\mathcal P(M)$ such that $q<p$ and $q\sim p$ in the Murray-von Neumann sense. Here $q<p$ means $q\le p$ and $q\ne p$. Define
\begin{align*}
r:=p-q.
\end{align*}
Because $q\le p$, the operator $r$ is a projection in $M$, and $q r=0=r q$. Since $q\ne p$, we have $r\ne 0$.
[/step]
[step:Use trace invariance and additivity on the orthogonal decomposition]
The trace $\tau$ is faithful, normal, and semifinite by hypothesis, and $p,q\in\mathcal P(M)$ satisfy $q\sim p$. Therefore [citetheorem:9317] gives
\begin{align*}
\tau(q)=\tau(p).
\end{align*}
Also $p=q+r$ with $q,r\in M_+$ and $q r=0=r q$. By finite additivity of the trace on positive elements,
\begin{align*}
\tau(p)=\tau(q)+\tau(r).
\end{align*}
Combining the two equalities gives
\begin{align*}
\tau(p)=\tau(p)+\tau(r).
\end{align*}
[guided]
The point of choosing $q$ is that it gives two incompatible pieces of information about the trace of $p$. First, because $q\sim p$, the projection $q$ has the same trace as $p$. The hypotheses of [citetheorem:9317] are satisfied: $M$ is equipped with a faithful normal semifinite trace $\tau$, and $p,q$ are projections in $M$ with $q\sim p$. Hence
\begin{align*}
\tau(q)=\tau(p).
\end{align*}
Second, because $q$ is a subprojection of $p$, the difference
\begin{align*}
r:=p-q
\end{align*}
is a projection in $M$. The equality $q\le p$ implies $p q=q=q p$, so
\begin{align*}
q r=q(p-q)=q-q=0
\end{align*}
and similarly $r q=0$. Thus $p$ is the orthogonal sum of the two positive elements $q$ and $r$:
\begin{align*}
p=q+r.
\end{align*}
Finite additivity in the definition of a trace gives
\begin{align*}
\tau(p)=\tau(q)+\tau(r).
\end{align*}
Substituting the trace-invariance identity $\tau(q)=\tau(p)$ yields
\begin{align*}
\tau(p)=\tau(p)+\tau(r).
\end{align*}
This is the equality that will force $\tau(p)$ to be infinite, because $r$ is a nonzero positive projection.
[/guided]
[/step]
[step:Apply faithfulness to rule out finite trace]
Since $r\ne 0$ and $r\in M_+$, faithfulness of $\tau$ gives
\begin{align*}
\tau(r)>0.
\end{align*}
Suppose for contradiction that $\tau(p)<\infty$. Then the equality
\begin{align*}
\tau(p)=\tau(p)+\tau(r)
\end{align*}
is impossible in $[0,\infty]$, because adding the strictly positive extended-real number $\tau(r)$ to the finite number $\tau(p)$ gives a strictly larger value, or gives $\infty$. Therefore $\tau(p)$ cannot be finite. Since $\tau(p)\in[0,\infty]$, it follows that
\begin{align*}
\tau(p)=\infty.
\end{align*}
[/step]