you wanna take a loan against your stock? you pay taxes on that loan. That’s exactly the problem —- loans aren’t income, they’re debt, and debt isn’t taxed. Wo

you wanna take a loan against your stock? you pay taxes on that loan. That’s exactly the problem —- loans aren’t income, they’re debt, and debt isn’t taxed. Worse yet, the ultra-elite can carry out “buy (or ‘found’), borrow, die” strategies that let them pass the debt onto their kids, who can sell the securities at a tax advantage due to the stepped-up basis loophole.