Commentary
The 2025 fiscal year budget of the United States includes a proposal to tax unrealized capital gains—a new, dark turn in the annals of the history of U.S. government revenue collection. Only one of several tax increases sought, it is a terrifyingly consequential one. It could potentially send massive distortions rippling through the U.S. economy, destroy businesses, fundamentally alter how firms operate, drive capital offshore, discourage investment, and immeasurably reshape the American business landscape.
