This is what bothers me. We say it’s impossible to do for the wealthy like this. Yet we regular folks get taxed like this every year. Property taxes. We have to pay for the illiquid shit we own, but it’s impossible for the wealthy?
Is the US government (or any national government) going to evaluate the value of paintings or baseball memorabilia or the portfolio of song rights for the The Turtles?
My sense is that it’s easier to establish value for things – and make a case for taxes – when they are sold in a market or used as a financial instrument (e.g. to collateralize a loan).
This is what bothers me. We say it’s impossible to do for the wealthy like this. Yet we regular folks get taxed like this every year. Property taxes. We have to pay for the illiquid shit we own, but it’s impossible for the wealthy?
Is the US government (or any national government) going to evaluate the value of paintings or baseball memorabilia or the portfolio of song rights for the The Turtles?
My sense is that it’s easier to establish value for things – and make a case for taxes – when they are sold in a market or used as a financial instrument (e.g. to collateralize a loan).