US Vice President Proposes Tax On Unrealized Capital Gains

According to PANews, Bharat Rama, the economic advisor to U.S. Vice President Kamala Harris, has confirmed that Harris plans to impose at least a 25% tax on unrealized capital gains for individuals with assets worth at least $100 million. Rama stated that people already pay taxes on unrealized gains, such as property taxes. However, CNBC hosts questioned this comparison, noting that property value changes differ from stock value changes and that property taxes are a form of 'use tax' for improvements like schools and emergency services. Currently, as reported by Wall Street Insights, the U.S. capital gains tax is only levied when assets are sold and is exempt from income tax upon an individual's death.