Billionaire investor Bill Ackman has a theory of everything, and it fits in a single sentence: incentives drive all human behavior. From that premise, he built a list on X on Sunday under the heading "How to destroy a country," and it reads like a policy checklist for economic self-sabotage.

First on the list: "the introduction or threat of a wealth tax including the taxation of unrealized gains, i.e., taxes on paper wealth." That is the wonky way of saying you tax people on money they have not actually pocketed yet. Ackman paired it with "the flight of the most productive business builders and highest taxpayers to lower tax countries with lesser security concerns." In other words, tax the builders and they build somewhere else.

He has been on this beat before. In August, Ackman criticized a tax plan from Rep. Ro Khanna (D-Calif.) that would let illiquid startup founders pledge shares for a government loan to pay taxes. He warned it could leave failed founders insolvent and facing lifelong wage garnishment. Billionaire Mark Cuban called the plan "insane."

Spending, Borrowing And The Math Problem

Ackman did not stop at taxes. He wrote that "Government fraud, waste, and abuse contributed to ballooning budgets," and he threw in a government "managed by a massive and growing unelected bureaucracy." Then came the fiscal chain reaction: "increased borrowing by the state to fund the growing social burden," followed by "higher sovereign interest rates" and "the resulting need to reduce expenditures to make the math work."

The math is already getting loud. Borrowing costs have been rising. Ross Gerber, CEO of Gerber Kawasaki Wealth Management, has warned that U.S. policy could cost the country hundreds of billions of dollars in extra interest, with federal debt above $40 trillion. He said the U.S. "can't afford a 5% Treasury bond for long without creating a debt spiral."

Ackman has aimed at federal spending before, too. In August 2025, he called spending on the Supplemental Nutrition Assistance Program, which serves more than 40 million Americans, "Absurd."

Immigration, Fertility And Unrest Make The List

The rest of Ackman's list ranges well beyond the budget. He cited an "open immigration policy that does not screen immigrants to determine their ability and willingness to provide for themselves and their families." He also named "the declining fertility of the most educated and productive women," "the continued failure to punish and hold accountable violent and looting rioters" and "the rapid rise in anti-semitism."

It is a sprawling list, but the through-line is the same one he started with. Change the incentives, and you change the behavior. Change enough of them in the wrong direction, and according to Ackman, you get a country that destroys itself.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by MarketDash editors.