Well it is clear to me that you are not going to change your position but I am going to go deeper into the argument in case someone else reads it who is more open to change their position, or who is not clear about it. And it is simply that a tax on unrealized gains is exactly the same as the tax on realized gains, with the only difference that it is applied to you without having sold, on an annual basis. This is different from property taxes, because if you pay for example $6K of annual property tax and due to a market downturn your house is worth 20% less, they will not lower your property tax by 20%, at most they will freeze it, while in a tax on unrealized gains the year after the market downturn the tax will be 0, plus you can deduct the 20% loss in subsequent years of increases and/or in the return of the same year.