[FireBeyond]

To a degree. However, they're also able to take out loans for liquid funds at near zero or zero interest rates (because the banks want their business) secured against stock holdings.

Just because you don't have access to 100% of your net worth in liquid cash today doesn't mean it's not worth anything/as much.

[robertlagrant]

This is always the response, and it is true, but it is a vanishingly small point compared to the accusation. The conversation often goes:

We should tax billionaires to pay for everything

But they don't have billions - they have equity!

Well they can take out loans!

So... what're we going to tax?