Right. And it’s not even a tax on all gains. Just making sure billionaires don’t pay less taxes on their new wealth than middle class Americans.
In her campaign for president, VP Kamala Harris has embraced all the tax increases President Biden proposed in the White House FY 2025 budget—including a new idea that would require taxpayers with net wealth above $100 million to pay a minimum tax on their unrealized capital gains from assets...
taxfoundation.org
“Under the new proposal, taxpayers with net wealth above $100 million would be required to pay a minimum effective tax rate of 25 percent on an expanded measure of income that includes their unrealized capital gains. Taxpayers would calculate their effective tax rate for the minimum tax and, if it fell below 25 percent, would owe additional taxes to bring their effective rate to 25 percent. Any additional taxes owed because of the minimum tax would be payable over nine years initially, and over five years going forward.“