Yes, but we have to be careful about double-taxing mortgages for ordinary home-buyers. Those home purchases are already taxed by local municipalities—and in many places that hits the SALT cap.
> Yes, but we have to be careful about double-taxing mortgages for ordinary home-buyers.
In the context of home ownership, a loan using an asset as collateral translates to a home-equity loan or reverse mortgage. If you want to protect ordinary home-buyers, set an asset value floor of say $20M.
However, I think most share "pledging" [1] by the uber-wealthy is done using company stock as collateral, so you could restrict the tax further by having it apply only to loans taken against stock holdings over some similarly high value floor.
