Comment by arrosenberg
5 days ago
What doesn't make sense? He'd owe $1.6B the first year, and then he'd be shit out of luck because he drove the stock to 0. Not my problem. And you should stop putting yourself in his shoes - you will never be a billionaire, and you probably won't be a mega-millionaire either. Start worrying about your own situation.
In any case, the whole thread about "net worth" is really besides my original point, which is that collateralizing stock for loans should be a taxable event. The only reason we got into net worth was because I said I'd only apply it to high net worth individuals, since they have almost exclusively benefitted from the economy over the last 10-20 years. This is also super achievable because to get the bank to loan you money, you have to declare the value of the assets and the bank has to agree with the valuation - super easy to determine tax on that number.
I don't feel that strongly about it if he is just sitting on the assets, but if he's leveraging them to buy Twitter, OpenAI or to donate money toward overthrowing the Democratic order, then yes, he should absolutely pay taxes for the privilege.
I'm not worrying about billionaires. I'm discussing about hypothetical ways we can tax them. They own the government, and obviously your idea of potentially making them homeless will be immediately rejected and we will be in this status quo forever.
> collateralizing stock for loans should be a taxable event
I fully agree with this.
> They own the government, and obviously your idea of potentially making them homeless will be immediately rejected and we will be in this status quo forever.
Disagree. We've been negotiating from the middle. We got the New Deal because the alternative for the wealthy was facing a socialist revolution.
I'm all for threatining them with a socialist revolution if possible. However, I'm afraid they are better prepared this time. In today's world a (metaphorical) guerilla war that targets one small win at a time might be more prudent. The wealthy is not necessarily smart. Not all will see it coming.