Toddsterpatriot
Diamond Member
- May 3, 2011
- 103,622
- 37,151
It applies only to individuals with at least $100 million in wealth who do not pay at least a 25% tax rate on their income (inclusive of unrealized capital gains). Payments can be spread out over subsequent years.
Within that $100 million club, you'd only pay taxes on unrealized capital gains if at least 80% of your wealth is in tradeable assets (i.e., not shares of private startups or real estate). One caveat for this illiquid group is that there would be a deferred tax of up to 10% on unrealized capital gains upon exit.
In short, it would not apply to most startup founders or investors. If any group should be tweeting mad face emojis, it's top hedge fund managers.
It's a stupid idea. Like most of Kamala's ideas.