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Net worth taxes are stupid.
Just tax loans collateralized by stock as income, and give a deduction on the interest when they pay back the loan.
That’s currently the biggest loophole the wealthy use. They use their stock portfolios as collateral for loans, which are untaxed. Then as their portfolio grows they take out more loans to cover the old one and fund their lifestyle, or they liquidate some of their assets at the much lower capital gains tax to pay it back.
Just tax collateralized loans as realized gains and be done with it.
Why are net worth taxes stupid compared to taxing loans?
They aren't. They're just operating under the false assumption that you can't tax wealth, only income. Conveniently ignoring that property taxes exist.
Without a wealth tax, he could quit today, stop all the loan nonsense and just put it in conservative index funds, and his blood line would be set for generations, even if they bred like rabbits and split it 500 different ways.
This means loan interest rates and fees will shoot up, which will hurt more than just the mega rich.
Maybe any loan secured with over $x in collateral triggers taxes? Or carve out mortgages and auto loans?
Well, carve out 1 mortgage perhaps. We have too many safe-havens in real estate.
Good point.