cryptoleft

I like pleasure spiked with blockchain and music is my aeroplane. It's my aeroplane. @pizzadao underboss & /politics contributor. Featured in "Number Go Up"

What's billionaire income? Is this an unrealized capital gains tax?

A doodler and computerer. I like permissive/permissionless open source, smart contracts, p2p systems, room-scale VR, and NixOS.

shazow.net

Currently: WhatsABI

Good question. Probably would have to be unrealized capital gains tax or some sort of luxury tax.

Wonder if taxing equity collateralized loans could work....

Property taxes are sort of like a tax on unrealized gains.

IMO we should add constraints on equity collateralized loans, probably similar to building a robust restaking contract.

Unrealized wealth tax is like a market cap tax. It's not a real number. I can make a token with a trillion dollars of unrealized gains (in fact I have a bunch in my tax accounting software I have to mark as "spam"), and there's no way to actualize those gains.

Unless the goal is to totally destroy the concept of market cap/future equity valuation. But I suspect it won't result in much more tax income, just fewer paper billionaires without actually changing anything in practice (they'll have the same access to money/power).

Also luxury taxes are cool too.