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Taxation on unrealized capital gains? RIP America.
Edit:
Whoops, included the wrong link! Turns out there are more than one disturbing capital gains development going on. Here is the original link:
https://www.forbes.com/newsletters/andrewleahey/2024/04/24/biden-capital-gains-rate-proposal-446/
Here is one link (among many) re: unrealized capital gains tax:
Here is the specific section from the above:
Impose a minimum income tax on the wealthy: $503 billion. Currently, the federal government only imposes taxes on income, which includes wages, pass-through income from businesses, and gains from the sale of property; unrealized capital gains are not considered income under the present tax code. Applicable only to taxpayers with wealth greater than $100 million, the proposal would impose a minimum tax equal to 25 percent of a taxpayer’s taxable income and unrealized capital gains less the sum of their regular tax. The minimum tax payments
How about we get our spending under control and not pass this awful law ever.
If we confiscated 100% of all billionaires wealth in America (making a HUGE assumption the confiscation process doesn't destroy any of the underlying stock and company holdings value) then we would be able to fund the government expenditures ONE time for NINE months.