alt Hacker NewsSure, it’s easy to tax “wealth”. Except most wealth today is of the type where Alice owns 10 million Y and Bob decided to pay $1000 for one Y. Alice cannot possibly sell her Y for near that price, but now she will be taxed on “wealth” of $10 billion.
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There's a very simple solution to that problem. Tax Alice in Y rather than in $.
So it would fix false valuation shenanigans too? I see that as a win/win.
Maybe we need a debt jubilee then.
Oh well. Maybe if Alice doesn't want that problem she shouldn't accumulate so much of one asset that she'd crash the price trying to pay the taxes on it.
Many countries have figured out a wealth tax, so this isn't an impossible problem.
you can tax stock without taxing inventory.
Also the term "asset" exists and is used in accounting
Who says you need to tax the whole wealth if it in form of Ys?
We all know that 10 million Ys maybe not sold for $10 billion dollars but it gives you enough leverage to buy a social network and name it Y
Only in a system where the buyer sets the price.
If someone takes a loan out against an unrealized gain, that should immediately trigger a tax event.
The real solution though is for the legislative branch to not be beholden to those same people and be able to quickly and effectively close tax loopholes as they are discovered.