That's an interesting approach. I have a couple questions out of curiosity.
Does that include their "offshore" income? By that, I mean income earned outside of the country, not necessarily hidden.
Also, what is income? If there is a billionaire investor and he loses $10 million, do you see that as well?
>Does that include their "offshore" income?
Yes. It counts as taxable income even if you end up paying 0% tax on it (such as via foreign tax credit).
>Also, what is income?
Net realized income. You can't tell the difference between earning $1M, and earning $10M and losing $9M, and earning $10M on paper but only selling $1M.
This whole "loan against debt" story feels off.
Basically, the same thing that their companies used (or maybe still use) for avoiding high tax on repatriation or their non-US earnings.
Edit: Here's a proof but with different incentives (keeping control): https://www.wsj.com/articles/elon-musk-techs-cash-poor-billi...