"With a 2-cent Ultra-Millionaire Tax on every dollar of wealth above $50 million—and another penny on every dollar above $1 billion—we can invest in opportunity for all of our kids," notes Sen. Elizabeth Warren.
A lot of this will be in stocks though, not money in the bank. So how would that work? They have to sell 2-3% of their stocks every year to pay this tax?
They don’t have to sell them. The SEC can just give them to the IRS. IRS liquidators take the shares and sell them slowly, comprising no more than 1% of total traded volume.
A lot of this will be in stocks though, not money in the bank. So how would that work? They have to sell 2-3% of their stocks every year to pay this tax?
They don’t have to sell them. The SEC can just give them to the IRS. IRS liquidators take the shares and sell them slowly, comprising no more than 1% of total traded volume.