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.
required to pay a one-time $15,000 tax on an investment in India that grew in value from $40,000 to over a half million dollars.
followed later by:
their one-time tax was $15,000, coincidentally roughly the amount Charles Moore was reimbursed for travel expenses when he went to India for board meetings.
I feel like there's more to the story that I dont know. Like the Moore's arent just simple investors, simple stock holders with foreign holdings. They own a company and hold seats on the board of directors. As such, maybe they get compensation through stock options, etc. The details just arent clear to me. Maybe I would understand it better if I understood the mechanism by which US corporations are sheltering overseas.