This is a new Biden/Democrat scam. Don't believe this will stay at the billionaire level. Politicians have been promising that only the wealthy would pay taxes since the late 1800s.
How this works is that if your home, or some other investment you've made, increases in value during a tax year you immediately accrue a tax bill. Not when you sell your investment, but immediately. Therefore if you own your own $300K home and inflation during the year is 15% that means your your home increased in price by $45K and you immediately owe a $6750 tax bill for "unrealized capital gains". You get shafted both ways. You get shafted by the inflation and the tax . You get a large tax bill just because inflation exists.
theconservativetreehouse.com
How this works is that if your home, or some other investment you've made, increases in value during a tax year you immediately accrue a tax bill. Not when you sell your investment, but immediately. Therefore if you own your own $300K home and inflation during the year is 15% that means your your home increased in price by $45K and you immediately owe a $6750 tax bill for "unrealized capital gains". You get shafted both ways. You get shafted by the inflation and the tax . You get a large tax bill just because inflation exists.
Beware The Government That Wants to Tax "Unrealized Capital Gains" - The Last Refuge
Taxing “unrealized capital gains” sounds like a catchy and obscure way to make wealthy people pay more in taxes, but it doesn’t work. A government that moves in this direction ignores the reality that people are not static. The process also involves “taxing wealth” which then becomes an...
theconservativetreehouse.com