Comment on How would you actually tax the ultra wealthy?
jpreston2005@lemmy.world 3 days ago
Listen the IRS has routinely made clear that every time it’s forensic accountants get to sink their teeth into a billionaires financials, the return on that effort is enormous. Don’t ask “how are going to tax billionaires,” first demand that they actually BE taxed.
We’ll figure it out later, man. Realistically, just have a team of specialists that focuses solely on the ultra-wealthy, and then let “unrealized gains” be taxed if they were ever used as collateral for a loan.
damnedfurry@lemmy.world 2 days ago
This simply makes no sense as a concept. Collateral is something that you tell the one you’re borrowing from “you can have this if I fail to pay my loan back”. If the loan is repaid, literally nothing happens to the collateral, and it plays zero part in the actual transaction. There is zero non-arbitrary reason to tax an asset just because it was used as collateral.
Also, all home equity loans would fall under this definition, as well.