Loading ...Illinois Lawmakers Are Attempting to Rush Through a Harmful Tax on Unrealized Gains in 48 Hours
No tax system anywhere in the world has a mark-to-market capital gains tax that captures unrealized gains. Some Illinois lawmakers would like to change that—and they plan to ram the proposal through in less than 48 hours.
Under a proposal called the Extremely High Wealth Mark-to-Market Tax Act, Illinois would impose a 4.95 percent tax on the unrealized gains of all assets, tangible and intangible, of billionaires. That includes their stocks and bonds, but also everything else they own, including their ownership and investment stakes in businesses. Essentially, they would have to pay taxes on the value these assets have on paper, even though that value has not been taken as income.
Illinois Lawmakers Are Attempting to Rush Through a Harmful Tax on Unrealized Gains in 48 Hours