Let’s suppose I own stock valued at the taxable level. To pay the tax I have to sell stock. Let’s say the value of my stocks then drop to below the taxable level. Do I get my taxes back? I may be worth thirty million, but I don’t have thirty million in cash. I am only potentially worth thirty million if I sell all of my assets. Some people may even be unable to sell their assets because of legal restrictions. So, I’m “worth” the money, but I can’t legally get the money.
This idea is a non-starter. I am amazed that lawmakers so frequently do not understand the law...or economics...or what governance is supposed to do. How do we keep electing idiots?
“How do we keep electing idiots?”
We let idiots vote.