Biden’s FY2025 budget proposed a 25% “minimum income tax on the wealthiest taxpayers,” calculated on total income including unrealized capital gains for households with over $100 million in wealth, along with higher rates on capital income that implied a top long‑term capital gains rate of roughly 44.6% for high earners (39.6% ordinary rate plus a 5% NIIT). (pwc.com)

However, these measures remained proposals only. Contemporary tax commentary and planning guides for tax year 2025 state that long‑term capital gains are still taxed at preferential rates of 0%, 15%, or 20%, with the effective top rate of 23.8% once the existing 3.8% NIIT is included—no 44.6% top federal long‑term capital gains rate was enacted. (ubs.com)

Likewise, there is no federal tax on unrealized gains or a 25% billionaire minimum tax in force as of late 2025; analyses by the Tax Foundation and the Committee for a Responsible Federal Budget still describe the 25% minimum tax on unrealized gains as a proposal and model its hypothetical revenue impact, indicating it has not become law. (taxfoundation.org)

Instead, the major tax legislation actually enacted in 2025 was the Republican "One Big Beautiful Bill Act," which extends and modifies the 2017 Trump tax cuts and makes various tax changes, but does not implement a wealth tax on unrealized gains or raise the top long‑term capital gains rate to 44.6%. (en.wikipedia.org)

Given that the FY2025 budget cycle (covering the fiscal year beginning October 1, 2024) has concluded without Congress enacting either the 25% unrealized‑gains wealth tax or the ~44.6% top long‑term capital gains rate from Biden’s FY2025 budget, Chamath’s prediction that “these things will never pass” within that 2025 budget cycle is borne out by the subsequent legislative record.