“It’s just not right that those who can most afford it are often paying a lower tax rate than our teachers and our nurses and our firefighters,” Harris said at a campaign event Wednesday in New Hampshire. “That’s why I support a billionaire minimum tax and corporations paying their fair share.”
If the billionaire minimum tax is enacted, taxpayers with wealth above the $100 million threshold would have to report unrealized gains for each asset class annually, including the basis, or original purchase price, and market value as of Dec. 31, according to the U.S. Department of the Treasury. They would also report total liabilities.
Source: CNBC.com
Don’t you like the use of billionaire when they are talking about people worth 1/10 of that? How about comparing tax rates not with taxable income, but with unrealized asset growth? Only the most under-informed will buy this nonsense.
This will never see the light of day in part because it is unworkable.
A billionaire minimum tax, a higher tax on realized capital gains at some level, elimination of certain deductions at some level, elimination of the step up provision for inherited assets at some level perhaps, but this is just pandering.
QUINNSCOMMENTARY 
They will never pass a law to tax unrealized gains. No politician will even sponsor a bill to do that.
Seems to me Congress should just adjust the marginal tax rates back to what they were when Reagan was President… those were the golden years, right?
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Right.
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look, we all know the left wants as much money from us as possible–the more control the government has the more power the liberal Democrats have–they will tell you what type of car you can drive–what type of stove will be available for us by a certain year–how your house must be constructed, and Wegmans says the OSHA rule won’t allow a machine to slice in a certain fashion a cut of meat.
Harris is a first class dope (why is she being hidden from any tough questions?) who is where she is because of a bloodless coup after the corpse was a sure loser–this from the group that tells us “democracy” is at stake unless they are chosen. Sad part is–the corpse is still in charge.
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The woke nonsense of Harris/Walz may appeal to the ignorant student class and the likewise ignorant socialists in the US but I say good riddance to bad rubbish.
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long past time to tell Harris/Biden to define “fair”.
I’m reminded of tax simplification, just two rows:
1: how much did you earn
2: send it in
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