Absent a wealth tax or some other innovative new kind of levies, it will be difficult to tax the fortunes of Zuckerberg, Bezos and other tech billionaires. Much of their fortune is in the form of rising stock, which isn’t taxed until it’s sold.
“Billionaires are accumulating a huge amount of unrealized capital gains, on which they’re not paying much –- if any -- tax,” said University of California at Berkeley economics professor Gabriel Zucman, who helped Sanders and Warren develop their wealth-tax proposals.
--With assistance from Pei Yi Mak.
This article was provided by Bloomberg News.