Once you make unrealized gains taxable, investment in America breaks entirely. As an operator, it takes away a CEOs ability to reinvest in the company growth. Just when the company needs a high stock price to conduct M&A, raise capital, etc, forced selling is required to cover massive taxes (especially since this tax hits voting control as economic value). As an investor, it makes it investment riskier than non investment. A successful investment can have negative returns as an individual. (E.g. your successful investment that is early stage and high risk and growing now get taxed 5% on the rest of your net worth). This will force lower valuations of private companies and make it harder for small companies to grow. Nobody believes this is a one time tax. Nobody even believes the tax will go to the poor. That's why they'll need to taxbe every year. Some existing billionaires will stay in America. They have already built their lives here. The new generation of entrepreneurs will move off shore. America will suffer badly under Ro's plan.