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NE Ohio | The difference is you would be taxed regardless of whether you sell an asset or not under the unrealized gains tax proposal versus paying tax on goods/services that have been sold but receipts not collected yet under accrual method of accounting.
A tax on unrealized gains would be a tax on an appreciated asset that most taxpayers would generally have plans to hold long term with no intention to sell it whether its land, investments, etc. Under accrual accounting you are paying tax on goods & services that have been sold/earned during the year whether you have collected all of your receipts from those sales. | |
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Harris tax on capital gains?
