Oregon's Sen. Ron Wyden, a Democrat, has proposed a so-called mark-to-market version of the capital gains tax.
Pennsylvania Republican Sen. Pat Toomey, has called it a"breathtakingly terrible idea," and he is absolutely, 100 percent right.
Having said that, the annual tax would also apply to illiquid investments like the value of a private company, real estate and other complex investments This is yet another full-employment act for accountants, tax attorneys and others who would then create a wide variety of tax avoidance schemes forged from whatever loopholes may arise from new legislation.
There are a host of tax loopholes that could and should be closed in areas like commercial real estate. Professional investors use something called a 1031 exchange to shield their gains from being paid. After they sell a building, they buy another of equal, or greater value, to avoid paying gains on the original investment. Reasonable people could agree that those taxes should be paid upon sale.
Having a lower capital gains rate on long-term investments creates incentives for individuals to raise public, or private capital, to build businesses, profit from their long-term growth and create jobs in the process.
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