[foltik]

Excellent observation, and this is the entire problem.

They pledge their unrealized capital gains as collateral for billions in loans, spend the cash, and pay single-digit interest instead of income tax.

Repeat until they die, then their heirs inherit the shares at a stepped-up cost basis, so the gains are in fact never taxed.

Again, I’d ask you to engage with this:

> I wouldn’t call that their fair share.