Progressives have long wanted to tax unrealized gains from billionaires' stocks, bonds, land holdings, homes, artwork, cars, yachts and other property. As appealing as this sounds, the scheme would be vastly complicated and unworkable. In the absence of sales, who would evaluate current values – and how?
But the frustrations we "commoners" have with the ultra-rich are understandable – especially when they lecture us about eating less "climate-altering" beef, avoiding $5.00 gasoline by buying $60,000 electric vehicles, and bankrolling "experts" who say we should live in 650-square-foot apartments.
