An astoundingly innumerate comment from someone who should know better. https://mastodon.social/@rbreich@masto.ai/109689872733190141
Musk didn't "lose $200 billion" when the value of his stock plummeted. His theoretical wealth dropped.
There should be a wealth tax nonetheless (and capital gains should be regular income, with investment gains indexed for inflation when cashed in).
But we should be honest about what we're doing.
@dangillmor
If you use "theoretical value" to secure financing then that "theoretical value" should be taxed.
Real enough to borrow against, real enough to be taxed.
@dangillmor
Let me put it to you another way. The middle class couple that is kind enough to rent me a room below local market value, last year they added solar and increased insulation.
Even though housing is a volatile market, it added value and their property tax went up. They are being taxed for a gain that isn't realized or even paid for.
Why shouldn't the wealthy also be taxed for gains that aren't yet realized?
@dangillmor
I know people forced to sell because they couldn't keep up with property taxes.
Perhaps if the wealthy had to pay taxes on their stock gains, the stocks would stay closer to real value rather than spike in speculative bubbles that then burst and harm small investors.
Dan Gillmor
TheAnymouseProphet