Texans vote to ban unrealized capital gains tax
Digest more
Illinois Democrats are hoping to generate about $300 million a year with a last-minute proposal to tax the unrealized gains on investment assets — everything from stocks and bonds to art and collectibles — owned by billionaires in the state.
ChatGPT calculated taxing U.S. billionaires at the 22% rate of average Texans would generate $161 billion to $1.37 trillion annually depending on how you tax.
Illinois’ latest tax scheme, a 4.95% “wealth tax” on unrealized gains for billionaires, risks violating the state constitution, likely resulting in a long and costly legal battle.
A state-level move to tax the extremely wealthy on unrealized gains would open a Pandora's Box of legal and logistical issues, according to the Tax Foundation and the Illinois Policy Institute.
President Biden and Vice President Kamala Harris both bash billionaires for paying lower tax rates than middle-class workers do. That’s based on a calculation that considers wealthy people’s unrealized capital gains–increases in unsold assets–as ...
State lawmakers are rushing a first-in-the-world wealth tax on billionaires. They also want taxes on streaming services such as Netflix and Spotify and steep surcharges on concerts and ticketed events.
Feedback