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If you're rich beyond imagination, why nog pay taxes?
Liquidity issues.
For example, loads of elderly people in California own homes that have very low property taxes which were assessed decades ago. If their property values were re-assessed today they wouldn’t be able to afford the property tax and would have to sell their home and move (possibly flee the state).
Now that’s not the situation these billionaires are in. They aren’t tied up in a single house they’d have to sell. Their issue is that they’d have to sell a lot of stocks to pay a wealth tax, an event that could trigger a huge market drop in the price of those stocks.
You can be extremely asset-rich while being relatively cash-poor. I say relatively because these billionaires likely have millions in cash sitting around but that might not be enough to afford tens of millions in taxes every year (which must be paid in cash, not stocks).
5% is a pretty high wealth tax, so I actually find this credible.
As rough as property tax can be, 5% would be crazy. Imagine being told you owe 25,000 dollars because Zillow shows houses near you selling for 500k...
I prefer the concept of stock secured loans counting as income.
Because all they have left is hoarding wealth and the fear of losing some of it. They’ve become the movie or book trope of the withered miser who is completely consumed by greed and has nothing else. Unfortunately most of the real misers don’t get any comeuppance while the fictional ones do.
I think we've allowed the rich people dick measuring contest to go on for too long. All these guys care about is the imaginary number next to their name is higher than the other guys. Greed yes, but competition, game, sport, between psychos....also yes.