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Did I say mandatory? I meant optional! You're "free" to die in a cardboard box under a freeway as a market capitalist scarecrow warning to the other ants so they keep showing up to make us more!
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this post was submitted on 19 Sep 2024
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So with a 401k loan, which is kind of this, you are limited to borrowing against it by like only up to 50% of its face value due to factors such as market volatility. And then all payments made to that loan are with alreaey taxed income, so you aren't securing money in any way that dodges taxation.
Also using shareholdings is no different from using a house or property as collateral... property equity has unrealized value until it is sold too. One might argue you pay property taxes on that equity, but ideally, the company behind the stocks you own pays property taxes for its ownings annually, so that's still happening. So the real problem is large companies dodging taxes due to exploiting broken tax code loopholes.
Also, i think income tax is double taxation. Businesses are the key market players in an economy so why not orient all taxation around them? Do away with personal income tax and property tax. Keep/increase sales tax, luxury tax, sin tax. And clamp the largest salary in a company to be allowed no more than 20x the average salary in the company to address wage disparities. If the CEO deserves a 1 mil bonus, the average employee deserves at least a 50k bonus. Also, no worker's rate can be paid less than 1/20th the salary than the average employee. The more spread out the dollars are, the better it is for the economy.
You can't use a 401k as collateral for a loan.
https://www.bankrate.com/retirement/borrow-from-401k-loan/
That's not using it as collateral. That's taking money out of it that you have to pay back to yourself. That means you'll lose out on the growth in the markets that the people using their investments as collateral don't lose.