Bloomberg: Key Democrat Revives Plan to Make Capital Gains Tax Due Annually

And Steve Wamhoff, the director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy, said the bill “would certainly slow down the ability of billionaires to accumulate massive fortunes very rapidly.”

Capital gains represent a significant portion of the money earned by the wealthiest households, compared to lower-income taxpayers. Sales of capital assets accounted for 55.1 percent of income for the top 0.001 percent of taxpayers while only accounting for 6.1 percent of income for all returns, according to IRS analysis of 2016 tax data. Read more

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