Mamdani, the presumptive Democratic nominee to be the next mayor of New York and a self-identified democratic socialist, said Sunday billionaires contribute to inequality.
This exactly. At some threshold of worth, you should get taxed an amount based on your worth that will be big enough to force you to realize some gains in order to pay it.
The issue with realizing the gains is that you have to relinquish control of your company bit by bit. However, you could have the company (which you likely control) give out dividends, or you could use the stock as collateral for a loan. Or just pay yourself a bigger salary.
Somehow property taxes are okay, though, even though we haven’t realized the gains!
This exactly. At some threshold of worth, you should get taxed an amount based on your worth that will be big enough to force you to realize some gains in order to pay it.
The issue with realizing the gains is that you have to relinquish control of your company bit by bit. However, you could have the company (which you likely control) give out dividends, or you could use the stock as collateral for a loan. Or just pay yourself a bigger salary.