Yes, but no. Yes if you sell your asset at a gain you pay taxes. However, if you don’t realize your gain and instead use your asset as a collateral in a loan, you don’t pay taxes. That’s why the rich pay no taxes whatsoever. For instance, Bezos has 2 bln in outstanding loans. As a collateral he uses his 200 bln share in Amazon. He never pays taxes.
The proposal by Harris would fix this and tax gains prior to realization. If she succeeds that is a much bigger deal than whether the rate is 20,30 or 40 percent.
Yes, but no. Yes if you sell your asset at a gain you pay taxes. However, if you don’t realize your gain and instead use your asset as a collateral in a loan, you don’t pay taxes. That’s why the rich pay no taxes whatsoever. For instance, Bezos has 2 bln in outstanding loans. As a collateral he uses his 200 bln share in Amazon. He never pays taxes.
The proposal by Harris would fix this and tax gains prior to realization. If she succeeds that is a much bigger deal than whether the rate is 20,30 or 40 percent.