Benjamin Franklin, Champion of the Wealth Tax by Harold Meyerson

[Happy Hoosier]

3. I generally oppose wealth taxes.

I generally oppose “wealth taxes,” because administrring that would be a nigjtmare. People like Trump will hide, misrepresent, and outright lie about assets. They will employ an army of lawyers to tie up the valuations.

And ad long as they don’t actually access the wealth, I don’t care.

BUT… wealthy people who use their wealth as collateral to take an income-like loan using the “Buy, Borrow, Die” strategy should pay taxes.

They should pay regular income tax on such loans (minus fees and interest) and they would be credited with those taxes if they ever sell the underlying assets. Also… capital gains over 500,000 taxed as regular income. No free rides.