> Are you assuming that loans don’t need to be paid back at some point?

No, what I said is you don’t have to pay taxes on those loans. Obviously a loan is paid back. The tax avoidance scheme here is that a loan is not income and you can use held stock (that hasn’t been taxed) as collateral for short term loans.

> this is offset by the fact that taxing income places an extra tax burden on the time-based and precautionary value of that same accumulated wealth.

Not sure what you’re referring to. Again, the mega rich often don’t have significant “incomes” from a taxation point of view, regardless of how much money they make or spend.