...don’t tax wealth, we tax income. For people who have a huge amount of...

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“We don’t tax wealth, we tax income. For people who have a huge amount of property and are ultrawealthy, they can avoid having very much income.”

Unrealized gains are, essentially, ­income—just ask the bankers who accept them as collateral. But Congress has never touched them.

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Author: Mother Jones (@motherjones.com)