Matt Mahan

I think there are a number of better solutions to this than the proposed wealth tax, which is, as you point out, setting aside even the philosophic arguments, it simply won't work.

Certainly not at the state level.

We've already seen- Half the people I know have already left the state.

Right.

We've seen over a trillion dollars in capital flight.

our ongoing revenue going forward is now going to be lower.

The dirty secret of this proposal is that it won't be the billionaires who pay higher taxes.

It'll be middle-class and working families who are left holding the bag.

So that's why I just immediately felt that I had to say something because it's working people who are gonna be hurt by this.

It's not gonna be billionaires.

They're the most mobile people in society.

Look, I think, first of all, there are things we can do to make the tax code fair.

I think there's a legitimate debate about what should the absolute rate of capital gains tax be.

There's the phenomenon of very wealthy individuals borrowing against appreciated assets where you're effectively avoiding paying capital gains.

I think that's a loophole we can close.

There's the step up in basis upon death.

it's very fair for somebody.

Well, let me just use an example.

I'll just say this.

I don't think Elon Musk should be able to pass on $500 billion of appreciated but untaxed stock wealth to his children and the moment that they inherit it, it's rebased at current market value and no one ever pays the capital gains on it.