Surely that would just mean no IPOs ever again right?

I can IPO, sell some shares and make billions but have to take 25% in tax or I can not do that and what happens? How do I turn my non IPO shares into profit? Presumably if you liquidate to cash you owe the capital gains right?

You’re still going to end up making a higher valuation on the stock market than you would trying other means to avoid this tax.

Because that detail, like the $100milliom limit are irrelevant details subject to change. (Most) People have the ability to synthesize issue and are worried of the proposal's fundamental core:

"Do we want the government to tax unrealized gains?"

No. I find it very scary frankly, even though I believe that the top 0.01% of the US population are parasitical and their financial and political clout should be reined in.

Shares of a company are tradeable assets, no? Maybe not before the company is public depending on wording, but definitely after.

I'd love to. I'm genuinely interested in how this policy could be implemented and would love to read their suggestions. I think it's very hard to pull off successfully. Can you provide a link?

I thought Harris was adopting the President's 2025 budget proposal [1], which doesn't specifically state this is specific to tradable assets, but according to the downvoters I'm wrong about that. As far as I can tell it provides no comment on how "wealth" is determined.

[1] https://home.treasury.gov/policy-issues/tax-policy/revenue-p...

I suppose the whole argument is moot anyway as the President doesn't pass a budget, Congress does. And this document is really about communicating priorities, not actual policy.

And if one wants to get really persnickety, Harris didn't actually say anything. Some people working for her campaign did.

https://www.nytimes.com/2024/08/22/us/politics/kamala-harris...