This Proposal Doesn’t Ban Tax Deferral for the Ultrarich. It Just Makes Waiting Worthless
The top 0.1 percent hold $1 of every $6 in US private wealth, much of it never taxed because they borrow against assets instead of selling. UC Berkeley’s Brian Galle, writing for the progressive Roosevelt Institute, proposes charging interest on deferred tax at the asset’s own rate of return — so holding forever no longer shrinks the bill.
