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Taxing Unrealized Gains 2025

The Biden administration proposed a 'Billionaire Minimum Tax' in its FY2025 budget that would impose a minimum tax rate on total income for households with more than $100 million in assets and would include unrealized gains in the calculation of that 'true income'

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Jan 31, 2026
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How are unrealized stock gains taxed under current federal law and do any proposals target billionaires' paper wealth?

Under current federal law, capital gains are generally taxed only when they are realized — that is, when an asset is sold — so increases in stock value that remain on paper do not trigger income tax ....