re: Biden proposed 44.6% Capital Gains tax, 25% tax on Unrealized Gains

quote:

---

Won’t just the possibility of this drive a lot of selling in 2024?

---

No. One of the quickest ways to lose votes is to tell people you are going to raise taxes if you are (re)elected. There are those on the Left who will knee-jerk assume you mean "only on the rich" but the DNC has played that card a bit too often (see: ACA, for a far-reaching example), especially when people are finally starting to wake up to federal spending being out of control.

Ironically, another quick way to lose votes is to tell people you are cutting spending on some program they want/need/like/are-employed-by.

For the unrealized cap gains tax, that would require a Constitutional Amendment and that would be a herculean task as it would require (in order):

1. A proposal in the House then a 2/3 majority vote to pass it.
2. A 2/3 majority vote in the Senate.
3. 3/4ths of the state legislatures to ratify it

Even if something as detestable as a tax on unrealized cap gains pass all that, the process itself would take years as those arguing against it have a veritable mountain of logic and emotional ammo as to why it's a horrible (and likely completely unmanageable) idea while the proponents would have nothing but thin emotional drama.