Kamala wants to tax the wealthy's savings before you ever get to use them.

 

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Unrealized gains or losses: What they are and how they work  "Unrealized gains and losses are potential gains and losses from an investment that has not yet been sold. While selling investments can have tax consequences, that may not be true while you still hold on to it. That’s why they are “unrealized.”

"Selling investments can significantly impact your taxes, so it’s crucial to understand the potential implications. You should also understand the difference between realized and unrealized gains or losses. We’ll cover these differences and what they mean for you as an investor.

What is an unrealized gain/loss?

"An unrealized gain or loss is the change in value of a stock, bond or other asset you have purchased but not yet sold. The gain or loss is “unrealized” or “on paper,” as some refer to it, because you are still holding the investment. The gain or loss is only determined or “realized” when you sell the asset.

"One reason we discuss unrealized gains and losses is the potential tax implications once the investment is sold. We will discuss taxes at greater length in another section, but generally, realized gains result in a capital gains tax, while realized losses allow investors to offset their taxes.

How unrealized capital gains and losses work

"Investment values constantly fluctuate, regardless of the investment type. Whether the investment has increased or decreased will determine if you have unrealized gains or unrealized losses. You will have unrealized gains if the asset’s value has increased since you purchased it. Conversely, if the asset’s value has decreased, they have an unrealized loss." . . .

What Harris' plan to tax unrealized gains means for the wealthy . . ."Biden has called for a billionaire minimum tax in his 2025, 2024 and 2023 fiscal year budgets, and Senate Democrats pushed for a similar levy in October 2021. But the proposals have failed to gain traction.

“ 'There’s very little political support for this,” said Steve Rosenthal, senior fellow at the Urban-Brookings Tax Policy Center.

"The Harris campaign did not provide a comment to CNBC.

"There’s also been pushback from the business community. Billionaire entrepreneur Mark Cuban on Thursday told CNBC’s “Squawk Box” that he doesn’t think Harris would tax unrealized gains.

“ 'Every conversation I’ve had is that it’s not going to happen,” he said.

“ 'If you tax unrealized gains, you’re going to kill the stock market,” he added." . . .