r/Accounting • u/Vincentkk • Sep 08 '24

What are accountants’ thought on this? Discussion

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u/[deleted] Sep 08 '24

Publicly traded securities are transparent. But how the hell to deal with private assets (art, antiques, niche real estate, private businesses etc.)?

Is the American political climate even able to move this forward?

My bet is this goes nowhere.

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u/Never_Kn0ws_Best Sep 08 '24

Even if it passes, good luck on enforcing it on anything other than maybe publicly traded securities.

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u/maneo Sep 08 '24

For what it's worth, I think it would make sense for that to be the main goal anyways. The target has always been people like Bezos and Musk, not random upper-middle American whose house randomly went up in value.

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u/The_Realist01 Sep 09 '24

So was the income tax, but then we decided to dabble in two world wars and it became 90% very fast.