Much smarter people will need to work out the details, but I think that closing the capital gains loophole would be a good start. Basically, if a person wants to leverage their stocks to take out a loan, then they get taxed on that amount. We can have a minimum amount before it kicks in such as a million dollars to allow small business loans and other things to still occur.
I understand we can’t tax peoples unrealized assets, but it’s bullshit that unrealized assets can then also be used to gain real monetary value.
Much smarter people will need to work out the details, but I think that closing the capital gains loophole would be a good start. Basically, if a person wants to leverage their stocks to take out a loan, then they get taxed on that amount. We can have a minimum amount before it kicks in such as a million dollars to allow small business loans and other things to still occur.
I understand we can’t tax peoples unrealized assets, but it’s bullshit that unrealized assets can then also be used to gain real monetary value.