Stocks also already get taxed, just at different moments rather than annually: capital gains when you sell, dividends when paid, corporate income tax on the underlying company, estate tax at death. The argument against an annual wealth-style tax is partly that the system already takes its cut, just not on a recurring basis.

Yeah, that’s sort of the whole point of the post. If I buy a stock for $1 today and still it for $10 tomorrow, I pay taxes on the gains tomorrow.

If I buy it for $10 today and sell it for $1 tomorrow, I claim it as a loss.

If I buy a house for $100k yesterday, I’m paying taxes on $400k property today, and $900k tomorrow. Even if tomorrow I sell it for $200k.