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Top Democrat Proposes Annual Tax on Unrealized Capital Gains

posted by martyb on Sunday April 07 2019, @12:19AM   

An Anonymous Coward writes:

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

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Original Submission

• Re:I'm All In Favor of... (Score: 3, Informative) by NotSanguine on Sunday April 07 2019, @05:23AM

  by NotSanguine (285) <{NotSanguine} {at} {SoylentNews.Org}> on Sunday April 07 2019, @05:23AM (#825662) Homepage Journal

  So you think were this thing to pass (very unlikely as the fat cats will ferociously oppose) the rich would go to do honest work instead of investment and living on dividends? That does not sound very realistic to me either.

  I would hope that just about *everybody* would oppose this, as it's really dumb and would have lots of negative ripple effects on the economy.

  --
  No, no, you're not thinking; you're just being logical. --Niels Bohr

  Parent

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