this post was submitted on 24 Nov 2024
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[โ€“] funkless_eck@sh.itjust.works 18 points 16 hours ago (1 children)

one big issue is everyone goes "you can't tax stocks!" and then billionaires take a loan against the stocks with the unrealized gains as collateral. So we'd need to start classifying a loan as a realized gain of the collateral against this, with an exception for mortgages on primary domiciles, maybe also a "first million dollars are exempt," calculated on the full debt of the borrower, not per loan. I can't imagine anyone taking out more than $1M in debt against a properly they don't live in is not the rich we need to be taxing.

[โ€“] MajorHavoc@programming.dev 2 points 7 hours ago* (last edited 7 hours ago)

Yeah. Virtually anything with an exception for the first million dollars will both lose almost no tax revenue (as a percentage), and never ever touch the rest of us temporarily embarrassed not-quite-yet-billionaires.