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A comment on Senate Democrats unveil a plan for a new tax on billionaires. Parent comment

Re:Senate Democrats unveil a plan for a new tax on billionaires by _-david-_ on Wednesday October 27, 2021 @10:57AM (#29014129)
Seeing how they are talking about unrealized gains, I wouldn't count on an exemption.
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Re:Senate Democrats unveil a plan for a new tax on billionaires by SketchySeaBeast on Wednesday October 27, 2021 @11:33AM (#29014661)
Well that's clearly not the intent of the bill and regardless:

> The tax proposal would apply to just about 700 taxpayers, Democrats say — people who earn more than $100 million per year or who have more than $1 billion in assets for three straight years.

If you have $1 billion in your 401k, you can probably afford the taxation.

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Re:Senate Democrats unveil a plan for a new tax on billionaires by _-david-_ on Wednesday October 27, 2021 @11:41AM (#29014755)
Looks like you missed part of the article

>Most of the gains on tradeable assets like stocks would be taxed at the existing capital gains rate, which is currently 20% for individuals earning over $445,850.

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Re:Senate Democrats unveil a plan for a new tax on billionaires by SketchySeaBeast on Wednesday October 27, 2021 @11:45AM (#29014822)
That quote is putting the 20% rate in context, it's not saying that anyone earning over $445,850 would pay it. The legislation still only applies to the ultra-rich, but they'd be using the existing capital gains rate, which is currently 20% for individuals earning over $445,850.
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