Wealth inequality is an increasingly severe problem in the US, as essentially all wealth being created is going to the stock market – and the owners of increasingly powerful megacorporations – instead of to workers. However, the tax code in the US only assesses capital gains upon sale, so there’s various approaches being discussed to assess unrealized capital gains, such as wealth taxes. I’m suggesting a more oblique – and in my opinion, simpler, philosophically – approach.
Continue reading “On unrealized capital gains and wealth”