The Billionaires’ Income Tax Is the Latest Proposal to Reform How We Tax Capital Gains
When people first hear about proposals to tax unrealized capital gains, they often ask, “Is this income, and if so, should we tax it?” The answers to those questions are “yes” and “yes, when we are talking about the very rich.”
itep.org
This must be a first within OECD countries?
It would be interesting to see how this plays out in cases like Elizabeth Holmes (Elizabeth Holmes - Wikipedia).
She was a billionaire on paper, so she would have been taxed. One year later it all evaporated - does she now get a refund of the hundreds of millions that she paid in taxes unjustifiably?By 2015, Forbes had named Holmes the youngest and wealthiest self-made female billionaire in America on the basis of a $9-billion valuation of her company.[3] The next year, following revelations of potential fraud about Theranos's claims, Forbes had revised its published estimate of Holmes's net worth to zero,[4] and Fortune had named her one of the "World's Most Disappointing Leaders".[5]
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