well, you think what s under consideration is a proposal that senator wyden and the senate finance committee have been looking at that would impose a tax on unrealized capital gains, on liquid assets held by extremely wealthy individuals, billionaires. i wouldn t call that a wealth tax, but it will get at capital gains which are an extraordinarily large part of the incomes of the wealthiest individuals, and right now escape taxation until they re realized. often they re unrealized in the death benefit from the so-called step-up of basis. it s a tax on unrealized capital
senator wyden and the senate finance committee have been looking at that would impose a tax on unrealized capital gains, on liquid assets held by extremely wealthy individuals, billionaires. i wouldn t call that a wealth tax, but it will get at capital gains which are an extraordinarily large part of the incoming of the wealthiest individuals, and right now escape taxation until they re realized. often they re unrealized in the death benefit from the so-called step up of basis. it s a tax on unrealized capital gains of exceptionally wealthy individuals. the biden administration is