Senate Democrats Introduce Bill to Tax Billionaires Assets

A group of 16 Democratic senators introduced a new bill on Thursday that would compel wealthy Americans to pay taxes on the unrealized gains of their capital assets every year. Sen. Ron Wyden (D-Ore.) sponsored the legislation, which he dubbed the “Billionaires Income Tax Act.” In a one-page bill summary, Mr. Wyden said the legislation would apply to taxpayers with more than $100 million in annual income or more than $1 billion in total assets for three consecutive years, a class representing about 700 U.S. taxpayers, by his estimate. Current tax laws provide no means for taxing an unrealized capital gain, which occurs when an asset’s estimated market value appreciates above its original purchase price but its owner has not yet sold off the asset and thus has not yet obtained its appreciated cash value....