A start to what? There is no way of taxing unrealised capital gains that makes sense. You're taxing theoretical value that may or may not actually exist. Rebates (e.g. you're taxed on theoretical current value, but when you realise the actual gain, you get back the difference if there is any) just moves the problem around, makes everything complicated, and penalises attempting growth.
If it's real enough to, say, use it as collateral for a loan, it's real enough to tax.
> penalises attempting growth
There is a lot of growth going on that should absolutely be penalized.
There is - tax it when it is being used as realized gain (e.g. when you get a loan like our billionaires do). fine to leave it alone as unrealized and not be taxed but as soon as you use it as real/tangible thing you gotta pay taxes, it is that simple
Make exceptions for investments in illiquid things.
What then?
