Democrats unveil new plan to increase taxes on billionaires

Dan Primack, Axios:

This proposal would work for you.

So, normally, what would happen is, you wouldn't pay any taxes on that $100 million in stock until you sold it and gotten actual cash in exchange for it, at which point you pay a tax on the profit. For example, if it was stock options, if you had to pay a few pennies per share, it would just be on the profit.

The way it would work now, though, is, you would be taxed at the value of that stock at year-and, so, probably $100 million. You would pay that now. And, in exchange, when you eventually did sell it, then you wouldn't have to pay the tax at that point, or at least you just wouldn't have to pay the difference.

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