Subject: Re: Biden's billionaire tax rate fact checked
But none of those objections invalidate the central argument - which is that if your shares increase from being worth $1K to being worth $10K, you have earned money on your investments. Your earnings are not realized taxable income as currently defined - but they are not zero.

And this is where the left goes off the rails and veers into wealth taxes. I suppose a state could do that but then the richest would just…leave. Washington is learning that right now.

Which means that Biden is correct, in that billionaires generally don't pay very much tax on the money they've earned.

Language sleight of hand alert!

Sorry, I don’t grant this point. Unrealized income is not recognized as taxable income. Either we have fixed accounting rules or we don’t.