This is a frightening idea -- being forced to pay taxes on speculative income you haven't actually earned yet will destroy small business and will inevitably be weaponized against anyone who owns any substantial assets, including residential property.
If this passes, I hope the courts strike it down as unconstitutional on the grounds that unrealized gains don't qualify as "income" under the 16th amendment.
If this passes, I hope the courts strike it down as unconstitutional on the grounds that unrealized gains don't qualify as "income" under the 16th amendment.