Comment by Tyrubias

Many ultra-wealthy individuals borrow against their holdings to avoid having to sell their assets and therefore paying taxes. They shouldn’t be allowed to have their cake and eat it too. Relying on “realization” for taxation stops being reasonable when access to cash is basically the same as income. If anything, not taxing unrealized gains essentially punishes people who labor for income and unfairly favors people who use asset appreciation as a form of income.