Biden proposes capital gains tax of 44.6%, highest in history

[Amenhotep Bakari-Sellers]

The RH was always the inhibitor of raising taxes but the good part of 22 the Rs didn't get a Super 230 Seat majority like in yrs past, so taking over the H is inevitable by Ds in 24

[lfromnj]

Also did anyone see the even more insane unrealized gains tax ?

     Probably meant to counteract the extreme holding mentality that, as S019 points out, this would push people into. It's still really aggressive though to be taxing people so hard for a gain that only exists on paper; I could imagine an asset-rich cash-poor individual not being able to make those payments.

It's actually pretty crazy how far left this proposal is. Even Warren's wealth tax proposal "only" had a 3% wealth tax. For billionaires getting 20% growth of wealth in a year is perfectly normal and they would be taxed at 4% Get a year where your stock doubles and its a 12.5% wealth tax.

[AGA]

Wouldn't the proposal to tax unrealized gains have the same problem as a wealth tax where every asset someone owns would have to be appraised, even those with ambiguous value? Seems like a logistical nightmare.

[lfromnj]

Wouldn't the proposal to tax unrealized gains have the same problem as a wealth tax where every asset someone owns would have to be appraised, even those with ambiguous value? Seems like a logistical nightmare.

Yup expect a whole lot longer and more privately owned companies as well which means the public can't invest but their growth rate will also likely be slower. Private equity is still taxed but obviously its harder to value.

[Skill and Chance]

This is completely nuts.  Instant recession if this passed.  And you can point to the $1M income threshold all you want.  We all know that wouldn't stick.  Federal income tax itself originally only applied to the equivalent of 7 figure incomes in today's money.