The Supreme Court is taking up a case over a Washington couple’s $15,000 tax bill that is widely seen as a test of a never-enacted tax on wealth. Arguments are being heard Tuesday.
I have no idea how all that works, probably why I’m not a billionaire, but it’s always been my understanding that if you have enough assets you can apply for loans not backed the traditional banks. A recent USA billionaire president was famous for taking a 0% interest private loan to start his business. Again I’m not any kind of tax/money expert so I could be wrong.
I wonder about financial regulations that say assets that haven’t been taxed can’t be used for asset valuation for loans, etc?
And if you have an asset valued for those purposes then possibly taxed on some ratio of that valuation.
An oversimplification I’m sure but I suspect it’s been considered or is a bad idea and am curious to hear it.
I have no idea how all that works, probably why I’m not a billionaire, but it’s always been my understanding that if you have enough assets you can apply for loans not backed the traditional banks. A recent USA billionaire president was famous for taking a 0% interest private loan to start his business. Again I’m not any kind of tax/money expert so I could be wrong.