As part of her plan to pay for Medicare for All, presidential hopeful Sen. Elizabeth Warren said she would double the top rate of her wealth tax to 6% from 3%.
would pay more than $6.5 billion in wealth taxes this year alone. Not to mention the other new taxes Warren plans for the rich, which includes taxing capital gains at the same marginal tax rate as ordinary income, which means that if Bezos sellsstock – as he does every year to fund Blue Origin – he would pay a tax rate of 37% on the stock. Previously, the rate was 23.8%.
But there is another less-publicized feature of Warren's health-care tax that could be even larger. In addition to taxing capital gains as ordinary income, she would also tax unrealized capital gains. That means that
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