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For Firefox users, there is media bias / propaganda / fact check plugin.
https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/
- Consider including the article’s mediabiasfactcheck.com/ link
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The easy way around the problem is to tax loans that aren't being used to purchase an asset. This is the "living expenses" loan hack that the ultra-wealthy use and it absolutely needs to be removed.
Your example is a bit different because the wealthy person is selling stock to make the mortgage payment. In this case they should already be paying capital gains taxes on those sales. If they aren't then figure out why and fix the tax code.
We can tie the two situations together by considering the annual sum of all stock sales and non-asset purchasing loans as regular income and thus subject to income tax, minus any capital gains taxes already paid.
That easily closes both of the common loopholes that the ultra-wealthy use while leaving us normal people untouched. The ultra-wealthy would suddenly be paying income taxes on the money they are spending to maintain their lifestyle, same as the rest of us are.
Sorry I meant in my example they took out a loan, not a mortgage.
Better rates that way probably.
But it's the same problem even if it's living expenses.
You borrow 1m to live off of and pay income tax on it.
You then sell stocks to close out the loan and pay capital gains tax
You've now paid tax twice.
Edit: that's what it needs to be able to account for which might get messy