Tax
Apr. 21, 2022
Taxing unrealized gains: Biden proposal would do just that
President Biden has proposed what he calls the “Billionaire Minimum Income Tax” as part of his new budget. The title is a misnomer, as tax legislation so often is. You don’t have to be a billionaire to be saddled with it.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Let’s say you buy and hold crypto, and it goes up stratospherically in value. Up until now, you can’t be taxed until you sell it. The same if you buy and hold stock, or buy and hold real estate. It almost seems inconceivable that you could be taxed just for something becoming more valuable, well maybe except for estate tax. But as we all know, there is a step-up in basis for income tax on death. But now, some of these hallowed set-for-generations tax rules could chan...
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