Billionaire investor Howard Marks was highly critical of Biden Treasury Secretary nominee Janet Yellen for saying she’d consider taxing unrealized capital gains.
Marks, who is co-chairman and co-founder of Oaktree Capital said “I think that would hit sentiment. It would obviously make it less attractive to be an investor, all things being equal.”
Per CNBC “Unrealized capital gains refer to the theoretical increase in value of assets that an investor holds onto. The gains are only realized when the investor sells the asset at a price higher than what was initially paid to buy it.”
The idea of taxing unrealized capital gains was raised by Democrat Senator Ron Wyden of Oregon.
Widen said in a statement “Everyone needs to pay their fair share and the best approach to achieving that goal is a mark-to-market system that would require the wealthy to pay taxes on their gains every year at the same rates all other income is taxed.”
Cardano blockchain platform founder Charles Hoskinson slammed the idea of taxing unrealized gains in a video posted on his YouTube channel.