Further points on the tax on unrealized capital gains

Put simply, this proposal is biased towards people with inherited wealth, invested in non-traded assets and mature businesses, and against people invested in publicly traded equities in growth companies, many of which they have started and built up. If that is the message that the tax law writers want to send, they should at least have the decency to be up front about that message, and to defend it.

Here is much more from Aswath Damodaran, devastating throughout.  And here is Alan Auerbach on retrospective capital gains taxation, not my favorite but a much better idea than what is being put forward.