SoylentNews

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

---

Original Submission

• Re:Unconstitutional (Score: 2) by exaeta on Saturday April 20 2019, @10:24PM

  by exaeta (6957) on Saturday April 20 2019, @10:24PM (#832739) Homepage Journal

  And yes, perhaps my original statement should have read something like: Personal property taxes enacted either by the federal government or where the state applies them based on personal characteristics are uncosntitutional post ratification of the 14th amendment, and the remaining property taxes are supported by weak case law which is likely to be overruled by a conservative 5-4 majority based on the natural tendency of textuallism to find them forbidden by the takings clause. But do you really expect me to graind you with the details and exceptions when you admit to thinking the constitution doesn't apply to states? Seriously you need to get some knowledge outside of academia first.

  --
  The Government is a Bird

  Parent

  Starting Score:	1		point
  Karma-Bonus Modifier		+1
  Total Score:		2