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— New York’s “Make Billionaires Pay” Campaign Proposes New Capital Gains Tax

A new tax proposed by New York’s progressive lawmakers would apply to New Yorkers with unrealized capital gains were they to be holding assets of $1 billion or more.


Currently, taxpayers pay capital gains tax on assets only when they sell particular assets.   The new tax as proposed would apply even where no assets have been sold and without regard to whether the taxpayer has cash available to pay the tax.

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