You buy a property and in 10 years it doubles in value. Should this increase in value be taxed year by year? Of course not, right?
Well that is how the ultra-wealthy gain their wealth, and the income gap grows between rich and poor.
I think we - the average Joes/Janes – all cheered president Biden’s proposal in March to impose a minimum 20% tax on the income and unrealized capital gains for taxpayers worth more than $100 million. This move would achieve two things: generate a massive amount of tax revenue for the government within the upcoming years for one, and will also eliminate the inefficient sheltering of income for decades or generations by the ultra-rich. Win-win.