So Janet Yellen, the US Treasury Secretary, thinks taxing unrealized capital gains would be a way for them to fund their runaway spending.
First, they claimed that the real cost of their nonsense spending was $0, so they were lying then or are lying now ("why not both?!")
Second, they claimed that money printing doesn't affect inflation, so why not just print the money instead?
Third, the "for billionaires" is to get the feeble minded masses on board, those that live on benefits and vote democrat for more "free money", but the IRS monitoring of $600 bank accounts is also apparently to target the ultra-wealthy as well. i.e. it's a lie - they want the money, all the money, any money anyone has.
For those who don't know, capital gains are when you make an investment and it goes up in value. Typically these are stock investments or property. The "unrealized" part means the gain is on paper only, because you haven't sold it. Now imagine that the asset appreciates, the home you bought 25 years ago for $200k is now valued at $1m ... would you really be ready for a 40% tax on the $800k difference? Remember, you haven't sold your home, so you don't have this money - it could fall in value, or you may have been planning on selling it and downsizing, to fund your retirement, or leave it to your children.
You bought it with taxed money, now they want another cut because you saved and invested instead of spent and wasted.
Some are going to claim "it's OK, they are only going to go after wealthy people". If you think they won't be coming for YOUR money, then you are a fool. The wealthy will move their assets abroad and the funding will come from the middle class, anyone who ever works hard to try to get ahead. First they will get the tax in place, then all they need to do is change the thresholds of who it applies to. Think about the monitoring of $600 bank accounts and why they want that, then look at the history of every tax ever - they are always temporary measures that are just meant to apply to a select few, before they become the norm, because politicians are addicted to spending money and will always want to turn the tap higher.
Welcome to the Communist States of America, population: poor.