The gains in these investments would be taxed at 0%, while the losses would be currently deductible if sold.

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On a joint return with Terry those losses would not be currently deductible, because of the higher adjusted gross income.

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The "Buffett Rule" would not tax the vast majority of his shielded income, including either his unrealized capital gains, which are currently taxed at zero percent, or charitable contributions, which are tax deductible.

WSJ: Arthur B. Laffer: Class Warfare and the Buffett Rule