this post was submitted on 04 Dec 2024
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United States | News & Politics
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That’s a consequence of capital gains tax being structured the way it is.
I think one of our biggest issues as a society is the way we try to use tax to target specific people. It never works out! They just find ways around it.
We should be trying to set up a tax system that’s very simple, straightforward, and easy to enforce, such as land value taxes.
You mean income tax.
His stock options would be capital gains. But the loan trick works on either one. No selling stock, no capital gains taxes, paycheck/salary, no income taxes.
But you still get mansions, compounds and mega yacht fleets.
And land value taxes work on both. I mean, unless he wants to live on that yacht and not own any mansions of course. But the land value tax is still going to get him (indirectly) when he pulls into the marina.
I suspect a lot of mansions and compounds would become bank and company owned and the billionaires homes addresses would all be in the nearest tax haven.
It would probably do wonders for all the empty highrises in Boston and NYC, where all the Chinese and Arab oil wealth is stored.