THE RON WYDEN'S billionaire's tax would, if implemented, tax liquid billionaire assets: stocks, bonds and cash. On its own, this presumption is an impossibility. It is because billionaire equity wealth (think Amazon) is invariably arrived at after countless rallies and plunges. Except that the story gets worse. Not only would there be no reasonable way to tax unrealized gains that frequently bring new meaning to volatile, a wealth tax of this kind would force public companies private as a way of avoiding the tax. As for future entrepreneurs, regardless of their own political leanings there's no way venture capitalists would invest in concepts rendered exponentially riskier by a tax on unrealized gains. Basically the tax would force outside the U.S. the very human and financial capital necessary to create wealth in the first place. In other words, this tax isn't happening. The opinion piece can be found here.
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