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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: 1, Touché) by Anonymous Coward on Sunday April 07 2019, @07:44AM (1 child)
If your house doubled in value and you haven't sold it you're the idiot.
Though practically speaking, if everyone is facing this same predicament, the increased supply will lower the demand and your house won't suddenly rise in value.
That's to say, if anything, this law will deliver a critical, possible final, hit to the real-estate bubbles without hurting the middle class at all.
(Score: 1) by khallow on Sunday April 07 2019, @02:43PM
The portion of the middle class that doesn't hold real estate, that is.