If the total amount of loans you’ve taken out using investment vehicles as collateral
The banks would simply re-write their lending policies to not require such collateral from ultra-high-net-worth individuals. No collateral, no tax on said collateral.
What we need is a securities tax, payable not in dollars, but in shares of the taxed security. No need for the ultra-wealthy to liquidate their holdings; we’ll have the IRS offer shares comprising no more than 1% of total traded volume of each security, so as to minimize market influence. If it takes 10 years or 200 years to liquidate the taxed shares at this rate, so be it.
Natural persons can exempt the first $10 million of their portfolios; no exemptions for artificial “persons” (corporate shareholders). With a sufficiently high tax rate, shares of the “means of production” (and their associated voting rights) become a valuable asset to the working class, but a significant liability to the ultra-rich.
The banks would simply re-write their lending policies to not require such collateral from ultra-high-net-worth individuals. No collateral, no tax on said collateral.
What we need is a securities tax, payable not in dollars, but in shares of the taxed security. No need for the ultra-wealthy to liquidate their holdings; we’ll have the IRS offer shares comprising no more than 1% of total traded volume of each security, so as to minimize market influence. If it takes 10 years or 200 years to liquidate the taxed shares at this rate, so be it.
Natural persons can exempt the first $10 million of their portfolios; no exemptions for artificial “persons” (corporate shareholders). With a sufficiently high tax rate, shares of the “means of production” (and their associated voting rights) become a valuable asset to the working class, but a significant liability to the ultra-rich.