I wonder if this is coming up just before the election because of the Harris campaign’s suggested policy of capital gains tax on unrealised gains for people who have over $100m in assets? I think this is a great idea personally given what these people are doing to avoid paying tax including taking out loans against their own share portfolios.
EDIT: surprisingly aggressive downvoting on this, seems reasonable to make the point that a lot of owners of social media sites have billions of dollars in taxes riding on a Trump win if this policy happens.
>I wonder if this is coming up just before the election because of the Harris campaign suggesting capital gains tax on unrealised gains for people who have over $100m in assets?
say what? If that's the case, then we can expect many wealthy individuals with significant influence to speak out, such as Jeff Bezos with his ownership of The Washington Post.
Of course, but that's what the opposing party should be doing--just like Democrats were correct to point out all the foibles of Trump. Nobody should just get a free pass.
I'm firmly against taxing unrealised gains - for the fact that they are unrealised.
What we should do is re-think the capital gains tax, especially when using securities in lieu of personal income. That's how the C-suite has been avoiding a lot of income tax, and it's not just people having $100M in assets.
Also, the top tax rate should be increased, especially for incomes above $10M.
Likewise, the FICA cap should be increased.
Those few tweaks put us in really good shape, without resorting to taxing unrealised gains.
Sure, I’m definitely not against better solutions but a small sliver of people owning everything and the middle class and poor increasingly owning less and less of the wealth over generations needs to be looked at if we want people to be able to own homes and have consumers to buy things.
Now you're talking about wealth transfer - and that is already taxed, though we've dropped the amount it's taxed. We could certainly raise the amount it's been taxed, and it should be a progressive tax.
EDIT: surprisingly aggressive downvoting on this, seems reasonable to make the point that a lot of owners of social media sites have billions of dollars in taxes riding on a Trump win if this policy happens.