Will a tax on unrealized capital gains become law this year?
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Before 2026
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Rules summary
If a bill becomes law before Dec 31, 2025 that imposes a new tax on wealth or unrealized capital gains, then the market resolves to Yes. Outcome verified from Library of Congress.
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President Biden's latest budget proposal includes a 25% annual minimum tax on unrealized capital gains for individuals with income and assets exceeding $100 million, which could significantly increase the top marginal rate on long-term gains and dividends to 44.6%. This policy has been met with broad opposition, with Americans rejecting the taxation of unrealized gains by a three-to-one margin, citing concerns about economic liberty and fairness. The Supreme Court is currently considering a case, Moore v. United States, that challenges the constitutionality of taxing unrealized gains, which could impact the viability of such wealth tax proposals.
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Will a tax on unrealized capital gains become law this year?
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