It's not like his checking account has $1T in it, this is just a technicality that sums up all of the hypothetical value of the shares he owns in companies.
If he actually tried to sell it and turn it into cash it would be less than $1T.
If he actually tried to sell it and turn it into cash it would be less than $1T.
Income has a specific definition if you want to be pedantic, and types of income are always taxed.
If you have a 401(k), yes. It's a way to turn a 25% credit card debt into a 5% loan.
The hitch is that while you can pay the credit card company over 30 years, the 401(k) loan is less than a decade, resulting in higher payments short-term, but money saved in the long term.
For the uber rich it is called "buy-borrow-die".
And this is why the idea of a wealth tax has so many tres comas types up in arms.
I have never once understood this "oh it is only paper money" argument.