That data is purely from self reports so isn't necessarily definitive, but is proof that it is occurring. I don't think we have public banking records that list all loans so not sure how we can get an accurate number, but if we could they would have used in that analysis, so I don't think we can definitively know the scale just what people choose to self report.

But we don't need to dig deeper. We are all in agreement and don't need further discussion. Tax it.

>I’d be fine taxing that money at the top marginal rate or whatever you want to do.

Thank you for engaging. We can try going deeper but OP might be better for that. I just had that report with at least some information and wanted to interject so we could talk to something (even though I knew their thesis counters my position, it's worth us all knowing about, and I think it's showing it does occur at least some is useful for my position). Anecdotally in another life I knew some of these people/people in their circles and they very much use these loans and were crazy excited when they learned of the strategies of them.