This is where I stand on it. Charging taxes on unrealized gains is never going to happen, and its not like we’re going to give them a refund if it swings the other way.

Taxing collateralizion and usage of the unrealized gains would be massive, and if they don’t like the new system, then sell them and pay taxes like everyone else.

Edi: also you can audit what they spend and how they got the money to afford it to trigger the tax. Knowing someone’s unrealized net worth can be incredibly complicated beyond public stock ownership, and even then that can be hidden as well.