News | 04.03.19
Top Democrat Proposes Annual Tax on Unrealized Capital Gains
Sen. Ron Wyden of Oregon, the top Democrat on the Senate's tax-writing committee, wants to tax long-term investments like other types of income. The plan would tax the gains on long-term investments annually, rather than when someone decides to sell the asset, as is the case currently. It would also raise the current taxes on capital gains to match the rates on other types of income, such as salaries. The plan would make wealthier households that are more likely to have investments pay more in taxes. Among households making more than $10 million in adjusted gross income in 2016, capital gains accounted for 46.4 percent of income, while it amounted to just 0.7 percent of income for households making less than $100,000 annually.
Read the full article on Wall Street Journal