Once again, the problem is that the banks aren’t being taxed. The reason the billionaires don’t pay taxes is that they buy everything with money they borrow from the banks.
Good point… it might have come across like that… but that is for sure not what I meant.
A home is already taxed. An asset portfolio like stock only when realized. Borrowing against it should count as realizing the gains.
Or maybe better yet, we tax the whole portfolio like we do real estate against the value at the measuring point. Cause a portfolio is either something because it is used as collateral and thus taxed… or it’s nothing and cannot be borrowed against without realizing the gains.
Once again, the problem is that the banks aren’t being taxed. The reason the billionaires don’t pay taxes is that they buy everything with money they borrow from the banks.
Borrowing against assets should be income that cannot be offset by the debt.
You want to squints get rid of mortgages and thereby get rid of home ownership?
Good point… it might have come across like that… but that is for sure not what I meant.
A home is already taxed. An asset portfolio like stock only when realized. Borrowing against it should count as realizing the gains.
Or maybe better yet, we tax the whole portfolio like we do real estate against the value at the measuring point. Cause a portfolio is either something because it is used as collateral and thus taxed… or it’s nothing and cannot be borrowed against without realizing the gains.