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So what is going to happen to my 401k if all the uber rich start selling their holdings to avoid taxation on their unrealized gains?
It'll tank...............

And I think you mean "when" not "if"?

The beauty is you can go to "cash" in your 401K and don't have to pay taxes on the realized gains.
 
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I'm not a Biden fan but it's not his plan. Sen. Ron Wyden is the fool who thought of it.
Doesn't matter who came up with it, Janet Yellen is (was) trying to sell it.......... And if you've paid ANY attention, she doesn't say anything out of line with what whomever is telling her to say.

"As U.S. Secretary Janet Yellen has been discussing in various media, the Biden administration is now revealing an unrealized capital gains tax from stocks and bonds. The plan will be included in the Democrats’ US$ 2 trillion reconciliation bill. The new “Billionaire Income Tax” is being written by Senate Finance Committee Chairman Ron Wyden (Democrat from Oregon), with input from the U.S. Treasury Department and the White House."

 
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