That’s all great but then why the fuck am I paying property tax on my house that is mostly unrealized gains. Before you go arguing to abolish property tax, I’m fine with it. My property tax goes to make my neighbor better, and provide services and schooling for my neighbors.
Billionaires become rich because their companies benefit from highways, regulated internet, a public educated work force, etc… so they should pay their fare share.
Taxing unrealized gains for 99% is ok, it should be the same for the 1%.
Maybe we’re strawmaning each other. I would be fine with a 1-2% tax on billionaire wealth that’s sitting as unrealized gains.
Taxing me on the value of my house is absolutely similar to taxing unrealized gains. If my house gained value that doesn’t mean my income did. There is no guarantee that I can afford it. I can’t sell my house to pay the tax. The same arguments used to defend billionaires applies to me as well, but somehow we’re supposed to feel bad for them but we’re ok with the middle class paying essentially the same thing as unrealized gains on the asset they own that’s mostly likely 99% of their net worth.
Can you tell me what is broken with expecting someone that holds $100b in unrealized gains to pay %1 tax on it