[kadabra9]

The government is taking 22% of your INCOME. Not your entire net worth. This is vastly different.

HNW don’t have their net worth sitting in a pool of cash like Donald Duck as much as Reddit would like to believe. Its property, company stock, any unrealized gains in different equities, etc.

to have to go through the administrative burden of valuing all that, and then attempting to liquidate at some reasonable market value just to pay one time levy (allegedly lol) is insane, and will rightfully be challenged in court

[bdangubic]

> property, company stock, any unrealized gains in different equities, etc.

it is only “unrealized” when they have to pay taxes. but walk into a bank and ask for a loan (which is of course what they do) and all of a sudden that shit is all “realized” and here’s millions of dollars to ya…

[kadabra9]

That’s a separate discussion.

I think there should be some sort of tax penalty to borrowing against assets as a sort of infinite money glitch.

[bdangubic]

it is not separate, it is exactly the same discussion. if you currently can use “unrealized” shit to borrow against than it is perfectly fair for you to pay the taxes on that shit. it is absolutely not a “separate discussion”

[kadabra9]

I support some sort of disincentive to prevent HNW individuals from borrowing against assets for income.

I do not support wealth taxes or taxing unrealized gains (unless you get rebates for unrealized losses lol)

There SHOULD be some mechanism (idk what) to close the loophole of HNW individuals borrowing against an asset you have not sold to minimize actual income, but that doesn't mean its right, effective, or even legal to just mass tax all unrealized gains, just because this specific loophole exists currently.

So yeah, it is a separate discussion.

[bdangubic]

it is not a separate discussion because - at present - there is no such thing as “unrealized gains” - they are all realized and have always been. now we just want to tax it.

[lovich]

no, its not.

Articulate an alternative or deal with a non-optimal solution.

The status quo currently is leading to civil war.

[kadabra9]

I literally said there should be some sort of final penalty or taxable event associated with borrowing against illiquid assets and unrealized gains for very HNW individuals.

[johnnyanmac]

>to have to go through the administrative burden of valuing all that, and then attempting to liquidate at some reasonable market value just to pay one time levy (allegedly lol) is insane, and will rightfully be challenged in court

Cool, let's do it. We know the IRS, especially when auditing the rich tend to be one of the highest value employees of government they will sue no matter how cut and clear the tax code is anyway.

Its really weird we're on HN and we're using an excuse of "but it's hard, so let's not do it". I didn't choose tech because it was easy. Why should the government we fund be just as defeatist?

[kadabra9]

Of course its easy for you to say - its simple to just point the finger and claim you're entitled to your "fair share" of someone else's property simply because they have more than you. And my main point isn't even that "its hard" (which it is), its that governments cannot simply just tax and confiscate their way to a utopia.

Fortunately for sanity and common sense, this proposal, if it even passes, will surely be challenged on Federal and State constitutional grounds.

[johnnyanmac]

>its simple to just point the finger and claim you're entitled to your "fair share" of someone else's property simply because they have more than you.

Yes. Because they did not take their fair share. I'm all for proper audits (not whatever Elon Musk pretended was "fraud waste and abuse" last year).

If nothing truly comes out of it, cool. Maybe we need more laws for that. And apparently wealth taxes are popular.

https://www.cityandstateny.com/policy/2025/11/new-poll-shows...

>if it even passes, will surely be challenged on Federal and State constitutional grounds.

Will it be sanity if they lose and the tax is upheld?

I already said that they will file lawsuits no matter how they legislate, so nothing in my comment was actually addressed.

Insteas you're just trying to make me emphathize with a billionaire for some reason. Meanwhile, I'm almost 3 years out of my last W-2 job that I was laid off of because of these billionaires. My sympathy is gone. Tax the rich.