https://www.wsj.com/articles/joe-bidens-big-new-wealth-tax-white-house-budget-fy-2023-11648504962
“The White House proposal would enormously complicate the tax code and create huge investment distortions. “Illiquid” taxpayers—defined as those whose tradeable assets make up less than 20% of their wealth—could defer payments until their sale and incur an interest charge. Investors would thus have an incentive to pile into illiquid assets such as real estate to avoid regularly liquidating stock to pay taxes. Rather than sell stock to invest in other ventures, investors might have to sell stock they’d prefer to hold in order to pay taxes on unrealized capital gains.”
If that is true, is the current market boom only the beginning?
