> Taxpayers would be treated as illiquid if tradeable assets held directly or indirectly by the taxpayer make up less than 20 percent of the taxpayer’s wealth. Taxpayers who are treated as illiquid may elect to include only unrealized gain in tradeable assets in the calculation of their minimum tax liability.
Which seems to suggest that if someone's wealth is mostly tied up in property or art or a private business, then they wouldn't be taxed on unrealized gains.
> Taxpayers would be treated as illiquid if tradeable assets held directly or indirectly by the taxpayer make up less than 20 percent of the taxpayer’s wealth. Taxpayers who are treated as illiquid may elect to include only unrealized gain in tradeable assets in the calculation of their minimum tax liability.
Which seems to suggest that if someone's wealth is mostly tied up in property or art or a private business, then they wouldn't be taxed on unrealized gains.