In the country I live the 401k equivalent is taxed yearly on gains (and again as income when I retire), and I think that is fine - I get a world class society in return (you guessed right, it is a Nordic country)

so the answer is yes.

However, i did not go as far as proposing anything. You are assigning value on my statement.

I merely pointed out that it is a mute point to say that you can not use your unrealized gains.

When those unrealized gains are spread across 10s-100s of millions of people it's fine because statistically gains are always being realized. As those holdings get further concentrated that stops happening.

If I take out loans against those unrealized gains? Hell yes.

Absolutely, as long as billionaires, hedge funds, and vcs are also paying a progressive tax rate on their shares and holdings.

Of course, as long as the tax is progressive. Custodians of assets almost all charge an annual feel on unrealised gains, it’s hardly a foreign concept…