It depends on how you determine market cap on private equity. $10M still seems like a small business. $100M might, and could be consistent with the worker limit found in other small business definitions (<200 people).
If they are legitimate businesses, then I don't see the problem with having a portfolio of them. Each one can be a significant risk. If they aren't legitimate, then additional regulations should be formed. If you still think it's a problem to have a portfolio, then they could change the language to use the limit as an aggregate of all businesses owned/sold.
"I'm at the point of telling all the billionaires who somehow can't figure out what their assets are worth for a wealth tax"
It's not just them. Forbes has this issue when ranking them. The IRS needs to be able to validate the numbers too, which is unlikely.
Comments
It depends on how you determine market cap on private equity. $10M still seems like a small business. $100M might, and could be consistent with the worker limit found in other small business definitions (<200 people).
If they are legitimate businesses, then I don't see the problem with having a portfolio of them. Each one can be a significant risk. If they aren't legitimate, then additional regulations should be formed. If you still think it's a problem to have a portfolio, then they could change the language to use the limit as an aggregate of all businesses owned/sold.
"I'm at the point of telling all the billionaires who somehow can't figure out what their assets are worth for a wealth tax"
It's not just them. Forbes has this issue when ranking them. The IRS needs to be able to validate the numbers too, which is unlikely.