Here is a good explanation of why you should be against it
It implies the money is destroyed by taxation. In reality that money would go towards relieving the governments need to collect other tax revenues. So for example you could increase the standard deduction. Now everyone pays less tax and can either contribute more to their 401k (boosting stock values) or buying more things (boosting stock values). If you want to say the government is incompetent and will waste the money, that doesn't apply here because it applies to every tax, not specifically this one.
Value is destroyed by taxation, money is just a proxy. We spend on government because there are things we need that only government can do. Wealth transfer is not one of them.
Not sure if some of you know how bad things are for the less well-off in the world right now but they are actually fucking hellishly bad. We're on the brink of a recession if we're not already in one.
Do you mean "They already don't invest"?
I'm confused. Then how can they have unrealized gains if they're not investing? Aren't we talking about gains coming from investment?
If the rich are not investing then there are no unrealized gains and so they won't pay any tax under the proposed law and there are no problems in the first place.