All of the wealth has been taxed before, often multiple times. Adding another layer sure seems like overkill.
Well, no, it hasn't. Much of the wealth is in the form of unrealized capital gains. It won't be taxed until it becomes a realized capital gain, that is, until the underlying asset is sold.
alt Hacker News
Well, no, it hasn't. Much of the wealth is in the form of unrealized capital gains. It won't be taxed until it becomes a realized capital gain, that is, until the underlying asset is sold.