tl;dr if you want to raise taxes, just raise taxes (income tax, cap gains tax, etc) >But then some wonky progressive intellectuals got really upset over the fa

tl;dr if you want to raise taxes, just raise taxes (income tax, cap gains tax, etc) >But then some wonky progressive intellectuals got really upset over the fact that some rich people seem to be getting richer without paying any taxes at all. If the value of your stock goes up, you don’t have to pay capital gains taxes until you sell the stock. So all the rich people in America are sitting there, getting richer on paper year after year, without paying a dime in taxes (until some unspecified future date). That’s the way things have always worked — and the way things work in every other country — but if you’re a progressive intellectual who spends a lot of time thinking about the wealth inequality numbers, it seems quite unfair. And no, you can't get around the obvious issues with the new tax by only applying it to people with assets that are easy to valuate. "If you only tax unrealized gains for people who have >80% of their wealth in liquid assets, the super-rich will just go around buying up land until 20.01% of their wealth is in land" https://x.com/Noahpinion/status/1832660857043501498 https://x.com/Noahpinion/status/1832660857043501498