Taxing Unrealized Capital Gains: A Bad Idea That Just Won’t Die | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Taxing Unrealized Capital Gains: A Bad Idea That Just Won’t Die

Vampires are — so the stories go — extremely difficult to kill, and so it’s somehow appropriate that the same is true, but in reality, of predatory tax proposals.

The Wall Street Journal

President Biden expressed support for a proposal under consideration in the Senate to place an annual income tax on billionaires’ unrealized capital gains.

The potential tax increase, being pursued by Senate Finance Chairman Ron Wyden (D., Ore.), would be among a number of tax provisions that Mr. Biden is seeking to pay for a proposed $3.5 trillion spending plan that encapsulates much of his first-term agenda. It is an alternative to some administration tax ideas that have flopped in Congress, and it would generate money from the wealthiest sliver of Americans, whose incomes can be a fraction of their wealth.

It is not unknown for a tax to begin life by being levied on “the wealthiest sliver of Americans,” but, over time, for it to catch more and more people in its web. As I wrote in March in response to a wealth tax proposed by (surprise!) Elizabeth Warren:

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