PANews reported on August 29 that Bharat Rama, economic adviser to US Vice President Kamala Harris, confirmed that Harris plans to impose an unrealized capital gains tax of at least 25% on individuals with at least $100 million in assets. Rama claimed that people have already paid taxes on unrealized gains, such as property taxes, but CNBC hosts questioned this, pointing out that the value of homes changes differently than stocks, and that property taxes are a "use tax" used for improvements such as schools and emergency services.
In addition, according to Wall Street Journal, currently, capital gains tax in the United States is only levied when assets are sold, and income tax is exempt when an individual dies.
