Yeah. The unrealized gains tax would only apply to you if your net worth is 100mil+.
This is so good because it closes the loophole.
The standard argument against this is that stocks and property are stuff, not money. That until it turns into money again you don’t know how much you made; you might think your stock portfolio is worth more or less than it is, but it’s only worth what someone will pay for it, so it’s only taxed when you sell it. And that’s fair! That is entirely fair. That’s a good fair capital gains tax- you sold a thing, you gained a lot of capital, you get taxed.
But.
It gets counted like money when it comes to getting loans, and this is how the ultra wealthy live. They don’t sell stock to make money and then pay tax- they say to the bank, look how much stock I have. You know I’m good for it. Loan me the same amount of money as I’d get for selling this portion of my stocks, and when it comes time I’ll sell the stocks and pay you back with interest.
They take out loans to pay the loans, usually. Because they get to keep all their stuff, and it keeps appreciating in value, they’re still good for it.
Then, when they die, their estate includes all the stuff they own- including their stocks- and those stocks are used to pay off the loans, and crucially, they DON’T PAY CAPITAL GAINS TAX on that, because of how estates work.
This closes that loophole. If it counts as money sometimes, it has to count as money all the time.
holy moly, the amount of tax revenue this could bring in would not only pay for her great ideas about helping families and actual small businesses and first-time home buyers etc – it’ll enable us to do big things like provide universal basic income, universal healthcare, childcare, housing for those who can’t afford it, and more
because it’ll finally free up all that hoarded capital billionaires have been taking out of the working class economy
please please please elect her, and also enough non-republicans for the House and Senate and in state legislatures so she can enact her great ideas
amhrancas 