Only income is taxed.
Not wealth.
Long term (1 year plus) capital gains are taxed 20% at the highest federal level.
Short term (less than 1 year) capital gains are taxed at your current federal income tax rate.
If your personal income is less than $492,000 the capital gains tax rates are lower.
Maybe we should remind the critters the income tax was sold to only be a tax on the “very rich”. And was 1%.
Income for fedfov was supposed to derive from tariffs.
“Unrealized gains”. Imagin the possibilities!
Wealth is envied and coveted. Per Big Labor, profits belong to the workers, not the stock holders.
For Joe Biden, this is a core belief. It is the reason he has no guilt about illegal acquisition of others wealth.
Biden understands that very well.
Not yet.
The Obidens are trying to tax that wealth. If the Court rules in their favor then very soon you will be taxed on the appreciation of the value of your house which is worth300k now but you bought it for49k. That would be a tax on your “accumulated wealth” and on inflation which is a part of that 251k appreciation and is already a tax.