Tax
Sep. 16, 2024
If Harris wins, will unrealized capital gain be taxed?
Vice President Kamala Harris has proposed a tax on unrealized capital gains for taxpayers with wealth greater than $100 million, which would be a groundbreaking tax on gains that are not "realized." This proposal has administrative issues, including valuing assets every year to be taxed, and could open the door to a more generalized effort by the government to tax something that you still own.
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.
Even without paying attention to the news, most people know that a Kamala Harris victory in the presidential election may mean higher or additional taxes, compared with a Trump victory. Of course, presidents cannot enact higher or additional taxes without the House and the Senate. In that sense, whatever the candidates may say, much of our fate about taxes is likely to depend on what happens with House and Senate seats.
Still, the president sets the ton...
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