
“They never sell it” — Yeah, genius. That’s called not realizing gains. You know who else does this? Literally anyone with a 401(k), IRA, or who just holds their house and doesn’t sell every year. The horror! Should we force middle-class homeowners to sell their suburban castles annually so the government gets its cut?
“Live off the loans, pay almost nothing” — Loans have interest, dipshit. Banks aren’t charities handing out free money to billionaires while giggling about tax loopholes. Those loans are secured by volatile assets (stocks, art, etc.) that can (and do) drop in value. Margin calls exist. Ask the folks who got wrecked in 2008 or 2022.
“Kids inherit it all tax-free” — Flat-out wrong. The US has an estate tax with a ~$13M exemption per person (step-up in basis helps, sure), but anything above that gets hit with 40%. Many ultra-wealthy do pay massive estate taxes or structure via trusts. But sure, let’s pretend it’s a magical tax-free paradise because one viral tweet said so.
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