If, within a year, you take out loans totaling more than some variable using assets as collateral, the assets are taxed as realized gains and the loan is taxed as income.
The variable would be some multiplier of the net take home pay of the lowest earners, say 50x the lowest 20% (~$1.6m). That way, if they want cheaper loans, people need to be paid more.
This has the added benefit of not applying to regular people doing stuff like equity loans.
It just takes one change.
If, within a year, you take out loans totaling more than some variable using assets as collateral, the assets are taxed as realized gains and the loan is taxed as income.
The variable would be some multiplier of the net take home pay of the lowest earners, say 50x the lowest 20% (~$1.6m). That way, if they want cheaper loans, people need to be paid more.
This has the added benefit of not applying to regular people doing stuff like equity loans.