Bank accounts generate interest? News to me. And there can’t be very many people with outsized unrealized gains, not after four years of Obama.
There are millions of people who are going to be affected by this law. Many older people bought their homes years ago when property was much less expensive than it is now. In some areas of the country median house prices are still over a million. And yes, bank accounts do generate interest. It’s very low. With this new law even the paltry sum from a CD or bank account will get this tax surcharge.