Liberal Forum

 The important point is that the program will inevitably expand to include additional taxpayers with much less than $100 million in net worth.This is an assumption that anyone not blinded by ideology would make. To institute an unrealized gains tax, a new bureaucracy would be built. Thousands of federal employees would be added to the government payroll. Experience tells us that, once formed, government programs tend to expand indefinitely through mission creep, especially ones that increase the federal budget.We've seen this movie before, and it doesn't end well for the middle class. When the federal income tax was introduced in 1913, it affected less than 4% of the population. It was sold as a tax that would only affect the ultra-rich, and Americans accepted it on those grounds. By 1950, about 75% of American families were paying income tax.Regardless of whether you think that’s a good or bad thing, there's no reason to believe that unrealized gains tax would be different, and many reasons to believe it would be the same (35 trillion reasons, and counting).

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