You haven't earned any money, but you have to pay tax 🫵
Joe Biden's proposed plan to tax unrealized gains at 25%. This radical move targets billionaires by taxing the increase in value of their investments before any actual profit is realized.
👉 An unrealized gain is an increase in the value of an asset or investment that an investor has not yet sold. A gain or loss on an investment is realized when it is sold
Critics argue this could force investors to sell off assets prematurely to cover tax bills, potentially destabilizing markets and discouraging investment 🤔
The image above shows why this is such a big deal. Raising taxes on revenue is one thing, but taxing unrealized gains is just plain crazy 🤷♀️
