Friedberg

I'm charging you a percentage of that.

That's what I need to get paid.

And it doesn't matter that it starts with billionaires.

What matters is that we're giving the government the right to look into our private property and take a percentage of it every year, which is different than an income tax where every time you sell a stock or bond or your house or get a paycheck, you pay tax, which is totally reasonable because all of that is trackable.

And that's a transaction that's happening legally in the public and so on.

So the government has a right to look at that stuff.

But we're giving the government the right to look into our private property.

Now, I'll say another thing.

It's totally reasonable to say that billionaires aren't paying their fair share of taxes.

And it's totally reasonable to say that ultra high net worth people aren't paying their fair share of taxes.

They pay an income tax, but the truth is a lot of ultra wealthy people borrow money against their assets and live off of that borrowed money so they never have to pay taxes by selling the stuff that they own.

That's the core fundamental issue that people are trying to address when they say that folks aren't paying enough.

And there's a simple way to address it, which is to charge them a capital gains tax if they borrow against their assets that they haven't paid capital gains tax on.

Very simple.

That can resolve this.

Another thing you can do, you can raise the capital gains tax rate.

Sounds unpopular.

I don't agree with that.

But that's another way to deal with this, which is take the capital gains tax rate from 20 to 30.

Make it sound more, make it more like an income tax.