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April 2, 2019
Sen. Ron Wyden of Oregon, the ranking Democrat on the Senate Finance Committee, announced today that he would soon release a proposal to eliminate massive tax breaks enjoyed by the wealthy on their capital gains income. If successful, the proposal would ensure that income from wealth is taxed just like income from work.
His plan, which he has promised to flesh out in a white paper in the coming weeks, would tax the appreciation of assets owned by the very wealthy as income each year, an approach known as mark-to-market taxation. It would also subject that income to ordinary tax rates rather than special, lower income tax rates that apply to capital gains.
https://itep.org/sweeping-reform-would-tax-capital-gains-like-ordinary-income/
https://www.wsj.com/articles/top-democrat-proposes-annual-tax-on-unrealized-capital-gains-11554217383
(Score: 2, Disagree) by darkfeline on Sunday April 07 2019, @02:27AM (2 children)
Assuming this is implemented "sanely", whatever that means, you would no longer need to pay the government when you sell your house.
I'd much rather pay taxes on my house doubling in value over the span of a decade than all at once when I sell it, due to progressive tax brackets. Also presumably this would mean you get tax deductions when you house drops in value.
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(Score: 1, Informative) by Anonymous Coward on Sunday April 07 2019, @04:12AM (1 child)
(Score: 2, Touché) by Anonymous Coward on Sunday April 07 2019, @07:00PM
Correct me if I'm wrong, but isn't the whole point of the stock market that the stocks change in value?