re: Biden proposed 44.6% Capital Gains tax, 25% tax on Unrealized Gains

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Unrealized capital gains.

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Taxing unrealized capital gains doesn't make sense but I could see a world where some asset based lending transactions creates a taxable event.

If you borrow a significant amount of money using stocks or real estate as collateral, it could be argued that you've partially "realized" the gain by accessing some of the value without selling the asset. A portion (all?) of the loan proceeds could be considered taxable income.