Sure, you do. Make the billionaires pay income tax on the rise in the value of their shares even if they don’t sell any. Liz Warren, Bernie Sanders, all over it they were.
Forbes reports that rising inflation and falling stock prices have collectively cost members of the Forbes 400 US rich list $500 billion in 2022 with tech tycoons suffering the biggest losses.Jeff Bezos (worth $151 billion) lost $50 billion, Google’s Larry Page and Sergey Brin (worth a collective $182b) lost almost $60b, Mark Zuckerberg (worth $57.7b) lost $76.8b, and Twitter co-founder Jack Dorsey (worth $4.5b) lost $10.4b. Former Microsoft CEO Steve Ballmer (worth $83b) lost $13.5b
Hell of a refund season next spring, right?
BTW, Piketty – is r greater than g these days?