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East of Broken Bow | What will happen to current unrealized gains?
I heard someone making the argument that current unrealized gains will not be taxed, just the gains starting from here.
SOOO, you have people like Nancy Pelosi who already made her multi-millions in unrealized gains, will not be paying taxes on it (what she gained up until now) but a young investor will have an entire lifetime of paying unrealized gains.
I remember some years ago Warren Buffett was promoting taxing unrealized gains when I think Obama was in office. They even called it the Buffett tax. It was promoted as a way to make Buffett 'pay his fair share' because he would be taxed on his gains, as they occurred. However, what they weren't telling you is that all his gains up to that point would not be taxed, so basically Buffett would have had Billions of dollars of gains that he would never pay tax on.
Another way to think about taxing unrealized gains would be that it is another way that 'old money' would be able to keep their position of power. You don't tax the wealth the uber rich already have, you tax the income of people climbing the ladder to become rich. | |
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taxing unrealized gains
