U.S. billionaires would pay tax on unrealized gains from their assets to help finance President Joe Biden's emerging social-policy and climate-change legislation, according to a proposal unveiled on Wednesday by the top Senate Democrat for tax policy.
Semi-based, shame it will die somewhere in a committee
Your approach is correct, raising LTCG/income/corporate taxes is better than this Rube Goldberg machine strategy. The problem is they wouldn't get the votes for it. They don't even have the votes to raise the income or corporate tax to pre-Trump tax cuts levels.
Don’t get me started on corporate taxes that only apply to a taxable income based on essentially Net Income which is Revenues minus Expenses (+/- deductions, credits and carve outs) but Individuals get taxed on what is essentially their gross revenue. I brought this up in a tax class one time and the answer was some circular logic shit.
Like you and I can’t deduct rent or food or transportation or healthcare or interest expenses or utilities without certain high expense and/or low income thresholds but with few exceptions those all reduce taxable incomes for corporations and other entities.
The costs of our social reproduction and the costs of commodity production burden us individually and societally and the surplus flows upward.