[kgwgk]

> That includes unrealized gains.

And also includes everything else.

You pay the same tax if you have $1m in shares that you bought long ago for $10k or $1m in shares that you bought last month for $2m.

[md_]

Indeed. An unrealized capital gains tax by itself (which does not tax the basis) probably requires you adjust the taxable basis to ensure there's no double taxation at sale. A wealth tax irrespective of basis is administratively easier, I think.