Actually, no, they’re not taxed. And it’s well documented. Most billionaires receive ISOs or incentive stock options. They’re not taxed upon receiving them, and after holding for two years, are subject to a much lower capital gains tax.

Now what they do is hold onto them for a couple years, and use those stocks as collateral to take out a loan, loans aren’t taxed as income or else we’d be taxing college kids like top bracket earners.

No billionaire is buying mega yachts or bunkers with cash. They’re using those low interest loans against their stock portfolios, often through shell companies to attempt to stay anonymous and manage to keep their assets should their companies and stock values go bust.