Name:   MartiniMan - Subject:   Janet Yellen is insane Date:   10/25/2021 3:37:53 PM

I get your point but property taxes to fund education is a local tax.  Presumably the owner of the property has a defined benefit from the education system being financially supported.  But this idea of taxing unrealized capital gains I assume would also include real estate, which is already taxed at the local level based on some market value determination. 

That is far different than stocks that someone owns, especially say in a privately held business.  Who decides what that amount is and how do you account for changes in value which happens all the time on a temporal basis.  So you are taxed once on unrealized capital gains at a specific point in time.  That value could be vastly different later on.  And would it be a one-time tax or ongoing?  To me it is an insane idea that will wreak havoc on an already fragile economy.  What will ordinary Americans think if their retirement savings drop say 40% overnight as a result of this scheme?  It is unworkable and insane and if I were a billionaire I would simply renounce my U.S. citizenship and move all my asset holdings off shore.  And I am sure I'm scratching the surface of the implications of this idiotic idea.