They don’t consider it to be your money.
Why not? They’re now arresting people for crimes they have not yet committed.
This reminds me somewhat of a proposal that I thought was once credited to Bill Clinton back when he was in office. What I can remember was that it was a proposal to tax a person for the rent that could be collected IF you rented out your home. If you didn’t rent it then obviously you weren’t collecting any “capital gains” to pay the tax. The idea was quickly shut down as I recall. This sounds like the same thing. Can’t figure out as to how anyone would think this could possibly work, but it’s not much different than a bank robbery.
I think the tax would be a great idea! Imagine all the oligarchs having to pay taxes on the multi-million dollar paintings and land holdings. How about that mansion in the Hamptons they bought 25 years ago, or their NYC real estate holdings? Or that Amazon stock or FaceBook stock that the tech giants and hedgies have? But does anybody think that the same politcos who could not bail out crooked Wall Street types quickly enough is really going to pass it? Dream on!
What this whole scheme looks like is a situation whereby the Democrats can buy their way out of a situation where they have placed the nation into a debt & deficit that could never be paid off..... At the expense of every private citizen, of course.
Probably unconstitutional...unrealized cap gains are not “income”:
https://www.linkedin.com/pulse/build-back-better-legislation-tax-unrealized-capital-steven
https://www.wsj.com/articles/democrats-billionaire-tax-constitution-11635258358