Unrealized Capital Gains Tax

In 2017, then President Trump decided to repatriate trillions of dollars of overseas gains that have not been realized but exist in order to get that money to get back to the United States and help the economy. There was bipartisan support to create a law for a one-time tax on the unrealized gain of the value of assets. That law then went into effect as the Unrealized Capital Gains Tax. On June 20th of this year, in a 7-2 decision, the Unrealized Gains Tax Survived the U.S. Supreme Court. The Supreme Court’s ruling in the Moore tax case reaffirmed how income is taxed in the United States. With that said, the ramifications of this ruling will be felt far and wide. The ruling was really about expanding the government’s taxing authority to include unrealized gains, which many people are saying is going to severely impact the wealthy. Kamala Harris plans on implementing this ruling on January 1st of next year.