Vice President Kamala Harris has proposed borrowing much of President Biden’s tax proposals as she favors a tax increase on America’s billionaires. This would work by taxing America’s ultra wealthy like Elon Musk, Jeff Bezos and Mark Zuckerberg on their unrealized capital gains. Wealthy investors and Republican nominee Donald Trump have vehemently rejected this kind of tax policy on America’s wealthiest people.
WSJ’s Richard Rubin and tax expert Steve Rosenthal break down what unrealized capital gains are and how this policy could work.
Chapters:
0:00 Taxing America’s ultra-wealthy
1:23 Unrealized capital gains, explained
3:24 The Biden and Harris plan
4:54 Reaction from Trump and billionaires
6:45 Obstacles ahead
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