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Kamala Harris, as part of her 2024 presidential campaign, has endorsed a tax policy that includes taxing unrealized capital gains, aligning with proposals from the Biden administration's budget plan. Here's a summary based on the information available up to August 27, 2024:

• Target Audience: This tax would apply to individuals with a net worth of at least $100 million. The aim is to ensure that extremely wealthy individuals pay a minimum tax rate of 25% on the sum of their income and unrealized capital gains. But we know the first income tax in 1913 was promised to only apply to the wealthy. Quickly the government changed its tune once it had authorization and imposed the a punitive tax system on everyone.
• Nature of the Tax: Unrealized capital gains refer to the increase in value of assets (like stocks or property) that have not been sold. Traditionally, capital gains are only taxed when the asset is sold (realized gains). Harris's plan would tax these gains annually, even if the asset hasn't been sold.
• Economic and Political Context: This proposal is part of a broader tax plan aiming to raise approximately $5 trillion over a decade, focusing on high-end tax increases. It includes raising the corporate tax rate to 28% and other measures to ensure that billionaires and large corporations contribute more to federal revenue.

Many argue that taxing unrealized gains could lead to economic inefficiencies, as it might force sales of assets to cover tax liabilities, potentially leading to market disruptions. There's also the complexity of valuing assets accurately, especially for less liquid or unique property. While this is true, it is also true the IRS. already taxes unrealized gains, or non-income as income, especially in the content of taxing worldwide income.

That is the abuse the IRS subjects homeland American to is usually tried out as trial ballon on foreign assets and earning.

Here are some instances in which the IRS taxed income that a taxpayer never actually had:

• Subpart F
• PFIC
• GILTI
• Transition tax
• Exit Tax


Additionally, the IRS plays games limited losses taxpayers have in order to create incomes that don't actually exist.

That is, for people complaining the US tax code will cause a disaster, the bad news is the disaster has already been here. The US income tax doesn't require actual income to be imposed a tax.

Where does this idea come from? What constituency wanted to be given an income tax bill when they didn't have income? Why does the Supreme Court allow this to happen? Who

Discussing this phenomenon with host Anthony E. Parent, Esq. is John Richardson of Citizenshipsolutions.ca and Keith Redmond, advocate for and consulate to the American overseas.

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