The whole model of taxing "income" is wrong. We need to tax Wealth, not Income. Because the ones who desperately need taxing aren't the working folk.

Incidentally, in Canada there is a tax rebate called the "Canada Workers Benefit" (previously "Working Income Tax Benefit") which returns several thousand dollars to those within the bracket. It's a tiny band-aid step in the right direction, to lighten the tax load on those who are working for it, but the whole system needs to change.

#TaxTheRich

@ned How does scenario #3 work in practice? Let's say I get $1M in stock, and I use that as collateral to get a loan from the bank. I spend the money I borrowed, but now I have a loan I need to repay. The bank isn't going to let the loan sit there interest free until there's a liquidity event, so I have to repay that loan with interest, presumably with salary that is being taxed. Then I still have the capital gains tax when I liquidate.
@dholm @ned My understanding is that the billionaire class just keeps letting the interest pile up with the intent that their assets get sold to cover the debt when they die.