> But yes, a tax on "unrealized gains" basically amounts to a property tax, not anything related to an income tax.

The main difference being that a property tax only takes into account the assessed value and ignores what you paid for it. They tax the value, not just unrealized gains.

Yeah, I just meant it is more similar to a property tax than an income tax. Of course the other difference is that you might be able to deduct the tax you paid if the value drops back down before the gain is realized... but I haven't heard enough of the proposed implementation details to sort that out.