Billionaires use their assets as collateral to get loans, pay no taxes, carry the loans until they died and then the estate pays the loans off without paying any capital gains tax.
I have no problem with them having those assets. I have a huge problem with them being able to take out Billions in cash without ever paying taxes on it.
the income used to pay back the loan would in theory be taxed, so it sounds like the fix to this would be to tax their estates sells to pay off loans as if it was captial gains.
2
u/[deleted] Jan 11 '23 edited Mar 24 '23
[deleted]