I’m not sure why this is considered some giant revelation. Anyone who owns and holds stocks that do not pay dividends is aware that you only pay capital gains taxes when you sell. Why is this a surprise?
I’m not against heavily revising the tax code, but I’m not sure a wealth tax is the way to do it. I’d rather we tax the utility of money rather than the quantity (e.g., a billionaire who spends millions on cancer research will not have that money taxed, but one who spends millions on yachts and super cars will pay 90% tax). Society could then vote to determine what things should have high and low taxes.
I’m not against heavily revising the tax code, but I’m not sure a wealth tax is the way to do it. I’d rather we tax the utility of money rather than the quantity (e.g., a billionaire who spends millions on cancer research will not have that money taxed, but one who spends millions on yachts and super cars will pay 90% tax). Society could then vote to determine what things should have high and low taxes.