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“The idea is to tax their unrealized capital gains,” Ramos said, “because we know this is how billionaires and the wealthy tuck away their wealth.”
Some fiscal experts question the efficacy, and even the legality, of Ramos’ proposal, however.
McMahon pointed out that Article 16, Section 3 of the state constitution prohibits taxation on intangible property, including money credits and securities, and that intangible personal property shall not be taxed “ad valorem,” meaning proportionate to the estimated value of the goods transacted.
He said Brisport’s bill to amend that section of the constitution demonstrates that the proposed tax would be unconstitutional.