It absolutely doesn't make sense to charge a tax of real/actual money on a value that's theoretical.
That "theoretical value" is used as collateral to borrow money for billionaires expenses. Companies can even buy one another through shares exchange. So tell me:
Why is it theoretical only for taxes purpose, but very real when you talk to a bank?.
It's irrational to assume "cheating the system to grossely [sic] exagerate [sic] the value of their companies" of every entity valued at more than an arbitrary $X.
I didn't write it was all of them. I'm talking about the AI bubble and IPO scams.
"The stuff you own is now too valuable, so we get to steal it from you."
Is that your opinion on properties taxes? Because that's something you own, and you pay a tax based on its value. That value is also theoretical, by the way: as long as you don't sell the house, who knows how much it's worth?
And... is that not the most expensive thing you own??
Or is it stealing only when we talk about billionaires wealth?
And at this scale, it's not "stuff you own". You may have an issue assessing what a billion is. Do you know the difference between a million and a billion? It's roughly a billion...
That 20M$ mansion gaining 10% is absolutely peanuts.