He said the state ought to look at new ways to tax "paper wealth" in addition to property.
Many homeowners are tapping the paper wealth in their own homes to buy more real estate.
In the end, of course, much of the paper wealth turned worthless.
Investors lost $4 trillion in paper wealth, not to mention their passion for the stock market.
For one thing, houses are not just paper wealth: you can live in them.
The paper wealth being acquired masked a rot in the American economy.
The rise added greatly to the already considerable paper wealth of Goldman's top executives.
The notorious stock options that add up to so much paper wealth usually take four years to fully vest.
The Internet bubble created the most paper wealth for some billionaires.
The paper wealth of the founders of the business went up to around £300m.