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: 0) by Anonymous Coward on Sunday April 07 2019, @02:42AM
Houses, like all other property subject to a property tax, is already exempt from any CGT, realized or not, as long as your position doesn't remain liquid for a couple months. That is one of the reasons why the rich love boats. They can keep selling and buying boats and none of that is subject to the CGT because they never stay liquid long enough for the taxable event to arise. Well, none arises until they lose value, then they are more than happy to write off the loss on their taxes.