Has anyone considered the tax implications of proof of stake and how that will interact with the market?

So let's say the big Ethereum whales receive a lot of the mined coins because of their proof of stake.

If they are in America, and the Biden tax plan goes through, their PoS coins are taxed as income at likely the top marginal rate on those coins they earn from proof of stake. They have to sell half those coins if they live in California to pay taxes between January 1 and April 15th every year, or quarterly if taxed quarterly. This puts continuous downward pressure on the price of Ethereum. If they were mining they would have business deductions for mining equipment and power at least, which would lower their taxable expenditures. They could even pay for some of these deductions in Ethereum canceling out their need to sell into dollars.

If there was a big run up in one year, the next year's falling prices would require them selling more than 50% of their proof of stake mined Ethereum.

Thus, I anticipate all the big Ethereum whales moving to Puerto Rico.