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 @SocialJusticeHeals
Property values are far less volatile than stocks and we aren’t taxed on home value in 5y — but it is the closest thing to a tax on shares. It’s still pretty distant though.
Dan Gillmor
TheAnymouseProphet
John Gordon