Back to today’s briefing

Story perspectives

Galle Bill Targets $15M Unrealized Gains Tax for Ultra-Wealthy

7/1/2026

24 3 Full Breakdown

Summary

Story summary

Rep. Brian Galle is drafting a bill to tax unrealized gains for households over $15 million.
It would treat appreciation income, ending the “buy, borrow, die” loophole that avoids 23.8 percent tax.
Washington’s millionaire tax, like DC and seven states, imposes 0 percent up to $1 million and 9.9 percent above.
Harvey Dale says a tax would need an amendment after the 2024 Moore v. United States ruling and warns lawyers will hunt trust loopholes.

1 of 1

Story summary

Rep. Brian Galle is drafting a bill to tax unrealized gains for households over $15 million.
It would treat appreciation income, ending the “buy, borrow, die” loophole that avoids 23.8 percent tax.
Washington’s millionaire tax, like DC and seven states, imposes 0 percent up to $1 million and 9.9 percent above.
Harvey Dale says a tax would need an amendment after the 2024 Moore v. United States ruling and warns lawyers will hunt trust loopholes.