zlacker

>>southe+(OP)
I wonder if this is coming up just before the election because of the Harris campaign’s suggested policy of capital gains tax on unrealised gains for people who have over $100m in assets? I think this is a great idea personally given what these people are doing to avoid paying tax including taking out loans against their own share portfolios. Worth thinking about what people are willing to do to not pay billions of dollars worth of taxes.

>>andy_p+ex
To me, this looks like a wealth tax by another name. I Google about the plan and found this:

    > households worth more than $100 million would pay an annual minimum tax worth 25% of their combined income and unrealized capital gains.

Ref: https://finance.yahoo.com/news/kamala-harris-supports-tax-un...

To be clear, Norway has also had a wealth tax for years. Summarised: The wealth tax rate is 0.7%(local)+0.3%(national) and is calculated based on assets exceeding a net capital tax basis of NOK 1.7 million for single/not married taxpayers and NOK 3.4 million for married couples. (Ref: https://taxsummaries.pwc.com/norway/individual/other-taxes)

And regarding "taking out loans against their own share portfolios": Yes, I agree, this is genius tax avoidance strategy. And, I am pretty sure the interest paid on that loan would be tax deductible in the US! Most large investment banks have a separate trading desk that facilitates these loans via private bankers.