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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: 2) by Muad'Dave on Monday April 22 2019, @11:36AM
> Is there any point in arguing with someone who doesn't seem to read primary sources?
You ask me for citations - I have seen exactly zero citations from you to support your case.
Cite a single case of a state or locality being prevented from implementing a property tax based on it being against the US constitution for them to do so (not that they applied it unfairly, etc).
> If you honestly think that taxing idle assets like this would be treated as "income" by the Supreme Court and not a "regulatory taking" I find it hard to swallow.
I think we're vehemently agreeing here. It would clearly be unconstitutional for the federal government to do so. The whole point of my original post was your assertion that _all_ property taxes were unconstitutional. When applied by a state or locality, that is clearly not the case.