Senator Ron Wyden’s ‘breathtakingly terrible idea’

Another entry into the you can’t make this stuff up file, Senator Ron Wyden, Ranking Member of the Senate Finance Committee, has proffered a pay as you go capital gain tax scheme.   He proposes that  individuals and corporations pay capital gains taxes annually based upon unrealized gains accrued during the tax year.  This would not only include easily valued public securities (stocks and bonds), but also illiquid and difficult to value investments such as real estate and private companies.  I am not even going to elaborate on the stupidity of such a scheme but would offer my belief that Senator Wyden’s wife must be an auditor.