Senator Wyden's Very Bad Idea for More Taxes

Oregon's liberal Democratic senator Ron Wyden most likely knew from the get-go that his idea for new taxes on assets and investments wouldn't get a lot of traction — so much so that a news release, tweet, or bulletin taking credit for his own proposal can't be found on the senator's official website. Yet Senator Wyden, who is the ranking member of the Senate's Finance Committee, in early April told the financial press he is developing a "mark-to-market" approach to tax unrealized capital gains.  In simple terms, he proposes a levy — a tax — on investments (like real estate or stocks) based on valuations of their holdings each year, with all annual gains treated like income — even gains that have not been realized.  This "mark-to-market" accounting practice of updating the value of an asset would tax all capital gains like income at a maximum rate of 37 percent. The present capital gains tax...(Read Full Article)
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