Richard Murphy (Accountancy professor / campaigner) is running a good series on YouTube atm, basically what could be done instead of wealth tax.
The general schtick is make tax equal (ie even without buy borrow die, capital gains is taxed lower then income tax). Equalising the two increases the tax take, and frankly seems like “encouraging getting into work”
Anyhow, if we as a society want a fairer society we know how, we just need to overcome the special interests problem
In this case (and cannot see this refuted in the article) I think treat collateralising an asset should be a realisation event. Both parties have come to a free agreement as to the value of the asset - tax the realised gains.
The general schtick is make tax equal (ie even without buy borrow die, capital gains is taxed lower then income tax). Equalising the two increases the tax take, and frankly seems like “encouraging getting into work”
Anyhow, if we as a society want a fairer society we know how, we just need to overcome the special interests problem
In this case (and cannot see this refuted in the article) I think treat collateralising an asset should be a realisation event. Both parties have come to a free agreement as to the value of the asset - tax the realised gains.