The ten richest people in the U.S., including Tesla’s Elon Musk and Amazon’s Jeff Bezos, would pay up to $215B in taxes on unrealized stock gains, after currently paying next to nothing.
If the bill gets passed, does it mean these billionaires have to sell some of their shares to pay the tax? That is, would push down share price. Avoid TSLA, AMZN, MSFT, GOOG, FB, ORCL, WMT and BRK if bill is passed.
It won’t pass.
Also, it’s still an income tax not a wealth tax.
Wealth tax would be 1% tax on each $1B. Should start with public stocks and bonds owned so as not to delay the implementation. Other instruments are difficult to value.
It’s unrealized gain. If those same holdings should encounter unrealized loss, will we be refunding the previous taxes collected?
Do we get property tax refund if the home value goes down?
Wealth tax should be based on the value of the assets at the time of the appraisal. If value goes down, you get to pay a smaller wealth tax next year. Same with property tax.
This wealth tax is separate from capital gain tax, right? When the billionaire holds stock with unrealized gain, wealth tax is based on the value of the stock regardless of cost basis. When the billionaire sells stock, he/she needs to pay income tax based on the gain, and wealth tax on the cash proceeds.
So with this tax in place, a billionaire will be by definition a foreign national.
Should be no. Is a minimum tax.
It would pass once billionaires figure out a loophole or a loophole is embedded hidden in plain sight from us.
This is crazy. Despite everything that Congress, Biden, and the fed have done to supposedly help middle and lower income people, the rich got richer at an insane rate. Maybe people will realize how ineffective these polices are. All their policies move just made the rich richer.
The recent market decline further shows the silliness of a tax on unrealized capital gains.
Exactly. Can you imagine the volatility of tax revenue?
Last column in that table is BS attempting to drive an agenda which has no grounding in reality.
The House passed gas gouging bill is another BS to drive another agenda(i.e. confuse voters countrywide just like they confused voters in CA). Larry Summers described the bill as equivalent or worse than “Trump suggesting injecting bleach for Covid”.
The hypocrisy of the democratic party is mind blowing on some of these issues. High fuel prices are good for pushing consumers toward more sustainable vehicle choices like BEVs and PHEVs. Americans need to stop driving their empty pickup trucks and $6 gas is the best way to get us there. The Chevy Volt was an amazing car…owners loved them…and yet got discontinued in 2019 because no one was buying them.
You can still buy a used one cheap. But fir me Prius and was plug-in is better… probably over $40k though with dealers markup
