Do you guys want an actual answer or just to complain? Because the Where My Hos At American African Santa With Sunglasses Santa Xmas T-Shirt But I will love this actual answer is very simple but it would destroy your whining I’ll help you understand. If you own an asset… say a home and it has increased in value $50,000 in the past year but you have not sold it… You do not pay income tax on that $50,000. You can however approach a bank and say ‘I have $50,000 equity in my home and I’d like to borrow $20,000 to buy this sweet bike’. The same way homeowners don’t have to pay taxes on the increased value of their house, but can use the additional equity for a HELOC or second mortgage. This is it. Stocks are assets in which most rich people store their wealth. You can take out loans valuing the amount of assets you own or larger if the lender (bank) thinks you can pay it back; like if you were the worlds 1st or 2nd (depending on the day) richest man.
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My dad and grandad, both conservatives (in the Where My Hos At American African Santa With Sunglasses Santa Xmas T-Shirt But I will love this Uk so not as crazy as qanon shit) and they said this to me when I criticise billionaires spending habits. ‘They don’t actually have that much cash in the bank’ is a simplified brush off to a very serious and difficult to solve issue. Because income taxes and corporate capital gain tax/loss are enforced on two separate entities despite who runs a company. Given this, we can guarantee that capitalists will continue to innovate to fulfill these 3 directives. The phantom nature of stocks is just one such innovation. Just wait until he fucks up Twitter by allowing Trump and his “free speech” lies back on and everyone dumps their Tesla stock in protest.