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Everyone supports the idea but in practise it's hard to pull off. In essence a brand new tax system needs creating based on assets not money in the bank. ⏰ 90s in to the clip.

There’s a template. I live in Switzerland and I pay a wealth tax every year on my global assets. Lots of countries do it.

Exactly, I think it’s crazy that we keep implying that these problems have not been solved multiple times all over the world

Nice idea but tax systems only levy tax on capital gains when they're realized & most billions are unrealized stock gains. Would you trust government not to spread the "sell your asset because its value went up" net more widely? Or the richest not to find way to avoid paying?

I know I don't fully know all the ins and outs, but could we expand the definition of "realized"? Isn't one of the "loopholes" right now is that although those assets aren't taxed, they ARE taken into account for other economic activity (like taking out a loan)?

Every year the county levies a tax on my house based on its assessed value.

Yes. If you own a house a car etc some taxes assumption you have a level of income that goes with it. (Which fails for the old living alone in homes their families have left) But if your house doubles in value the tax man doesn't make you sell it and give him 20%.