Are you sure the Harris proposal is only about publicly traded stock portfolios? Maybe I'm missing something, but I don't see publicly traded stocks being singled out by the President, which is supposedly the policy Harris is adopting.
"The proposal would impose a minimum tax of 25 percent on total income, generally inclusive of unrealized capital gains, for all taxpayers with wealth (that is, the difference obtained by subtracting liabilities from assets) greater than $100 million."
And there are many private farms in America worth more than $100m. I have no idea what amount of that would be "unrealized capital gains", which is kinda the problem.
> Taxpayers would be treated as illiquid if tradeable assets held directly or indirectly by the taxpayer make up less than 20 percent of the taxpayer’s wealth. Taxpayers who are treated as illiquid may elect to include only unrealized gain in tradeable assets in the calculation of their minimum tax liability.
Which seems to suggest that if someone's wealth is mostly tied up in property or art or a private business, then they wouldn't be taxed on unrealized gains.
"The proposal would impose a minimum tax of 25 percent on total income, generally inclusive of unrealized capital gains, for all taxpayers with wealth (that is, the difference obtained by subtracting liabilities from assets) greater than $100 million."
https://home.treasury.gov/system/files/131/General-Explanati...
And there are many private farms in America worth more than $100m. I have no idea what amount of that would be "unrealized capital gains", which is kinda the problem.