On Friday, October 29, 2021 at 2:04:44 PM UTC-5, Leroy N. Soetoro wrote:

https://thehill.com/opinion/finance/578569-biden-and-democrats-lie-about- wealth-tax-and-so-much-more?rl=1

Yellen wants us to believe that unrealized capital gains are income. That
is not true. If you have a stock that doubles in value, plumping up your investment portfolio, you feel pretty chipper and indeed wealthier. But unless you actually reap that gain by selling your shares and receiving
the proceeds from the buyer, you can’t buy a ham sandwich.

Not quite. From an economic standpoint unrealized gains are income. A common technique used by the wealthy is to use appreciated assets as collateral for loans. If they hold the assets until death, their tax basis is increased to the date of death
value so that the appreciation is never subject to income tax.

While the current tax law generally doesn't tax unrealized gains (there are exceptions for securities dealers and original issue discount), the Supreme Court has held that realization is merely an administrative convenience and not something that's
constitutionally required.

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