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I agree.

But a material chunk of the $14M belongs to the government (not available for the individual to spend).

If someone takes out a $2M loan at the age of 58, and retires at 59 (before any of it is paid back), do you think that should be money considered in a retirement calculation?

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Any growth in the "government's portion" is yours until you sell. Also, if you sell after retirement the tax rate is going to be low if you don't have much non-investment income.

I agree it's yours until you sell. We are just debating semantics (does retiring with $14M mean retiring with $14M you can spend, or $14M minus taxes that you can spend).

Also, Capital gains is treated differently than ordinary income.

Your income tax bracket is irrelevant in determining your capital gains rate (at least for now).

https://www.nerdwallet.com/article/taxes/capital-gains-tax-r...

Income tax bracket doesn't directly correspond with capital gains brackets, but total income affects the capital gains tax rate.

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