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

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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  • (Score: 0) by Anonymous Coward on Sunday April 07 2019, @12:30PM

    by Anonymous Coward on Sunday April 07 2019, @12:30PM (#825747)

    As any idiot who understands basic market economics knows, an item is only worth the amount someone is willing to pay for it when you sell it.

    That isn't exactly true, especially for high value real estate. Owners can borrow based on the current market value and that leads to quite a bit of liquid profit. Yes, they pay a low APR interest on the loan, but the loan itself is tax free.