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Top Senate Democrat Pushing Forward With Capital Gains Overhaul

June 28, 2021, 8:46 AM

The chairman of the Senate Finance Committee plans to push ahead with his own plan to alter the way the U.S. taxes unrealized gains on everything from stocks and bonds to real estate and art.

In the coming weeks, Sen. Ron Wyden (D-Ore.) will introduce legislation to tax capital assets for wealthier households annually, like income, regardless of whether those assets have been sold or not, his office told Bloomberg Tax. The plan will be redrafted from a proposal Wyden released in 2019 to align with the Biden administration’s proposals to raise the top ...