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Icetoad 🍕 🎩 🐈
@icetoad.eth
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shazow
@shazow.eth
What's billionaire income? Is this an unrealized capital gains tax?
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Icetoad 🍕 🎩 🐈
@icetoad.eth
Good question. Probably would have to be unrealized capital gains tax or some sort of luxury tax.
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shazow
@shazow.eth
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.
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Icetoad 🍕 🎩 🐈
@icetoad.eth
Wonder if taxing equity collateralized loans could work.... Property taxes are sort of like a tax on unrealized gains.
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shazow
@shazow.eth
IMO property taxes are more like a lease for the land from the government, but people really want to believe in land ownership so we don't call it that lol. There might be something about taxing loans (they're all collateralized in some way, often implicitly through legal leverage), but not certain it would have desirable outcomes either. I just hope we find ways to impact wealth/power distributions in a meaningful way, not just change what it means to be a "paper billionaires" or whatever.
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