Talk about something having disparate impact in a racist and sexist fashion. It is hitting whites and males at a much higher rate than others.
If this passes – taxing unrealized capital gains for billionaires, it won’t be long until it is applied to the rest of us. The income tax after all was only supposed to hit “only the richest taxpayers.” Sounds like now with the billionaires for huge change in taxing authority.
Envy, greed, money and power are fantastic motivating factors for politicians and their voters.
It will also be rife with fraud for people who can afford it since regular people won’t be able to hire legions of accountants to value private entities, artwork and the like.