Exactly the true wealth of America is no longer income or property its all shares. It could be argued the American 40T debt is pretty much because of tax avoidance due to hiding wealth in stocks and related possibilities.
It is pretty absurd that one can borrow against a mountain of owned stocks and live of the loan without it being considered income.
The burger is taken from the poorest person that was able to buy a burger. Now you have 2 people who cannot buy a burger.
This is why you cannot tax unrealized gains. You are sacking the poorest. Is not matter of how the government gets the money. The problem is that the government spends the money.
The poorest always pay all government spending. Always.
Apparently you can buy islands, super yachts and more with unrealized gains.
You can take out a loan secured with assets as collateral, but you're buying something with that debt not unrealized gains. If your asset prices go to zero you still own the yacht because you still owe that debt.
Get sloppy and we end up with more loopholes and bullshit.
It's called "the marginal propensity to consume", which means that as a person gets richer, consumes a smaller percentage of his fortune.