I guess I dont fully understand. Is this a tax on realized gains (dividends, interest, capitol gains) off shore, or a tax on unrealized gains? The unrealized gains would be the one I would call unconstitutional, but I was not aware of any tax on unrealized gains yet in place. I only know the dems want to do that.
You understand it perfectly and I wish I had seen your response before mine, but yup... UNREALIZED gains - “wealth” and “investments not yet bearing fruit” are now taxable.