This is a tax on some extremely affluent people who are doing shenanigans to avoid paying capital gains tax. Seriously, communism it is not. Great companies were still built in the US when rich people had to pay capital gains and they still will be if these rich tax avoiders get a big bill they can split over 5 years.

https://www.axios.com/2024/08/23/kamala-harris-unrealized-ca...