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Political Discussion
Reply to "California's Wealth Tax"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The wealth tax is on individuals, not companies.[/quote] Individuals who avoid taxes by holding money in stocks, then take out loans to live on. Bill Ackerman describes the loop hole.[/quote] It's not a loophole. Stock equity loans are not income. It's debt and not taxed. And there is nothing stopping you from doing this as well. Anyone can buy stocks, let them appreciate over time (if you know what you're doing), and then take out an equity loan on that stock. You don't need millions. Call your broker and inquire.[/quote] Ackerman has also endorsed the notion that loan proceeds in excess of basis of stock serving as collateral should be taxed as income.[/quote] But what about those of us that have "anger equity"?[/quote]
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