The system should take more of a cut, if that’s the argument we are going with.

Also? A new realization event should be defined: collateralization. When you take out loans against the value of your stock/bond/whatever holdings, you are realizing gains from those assets - you wouldn’t have gotten the line of credit otherwise.

People argue that this would prevent homeowners for taking equity lines of credit for improvements but that’s easily remedied by the collateral not being a real asset.