Biden to unveil new minimum tax on billionaires in budget

[BidenPresident]

The White House will unveil a new minimum tax targeting billionaires as part of its 2023 budget Monday, proposing a tax on the richest 700 Americans for the first time, according to five people with knowledge of the matter and an administration document obtained by The Washington Post.

The “Billionaire Minimum Income Tax” plan under President Biden would establish a 20 percent minimum tax rate on all American households worth more than $100 million, the document says. The majority of new revenue raised by the tax would come from billionaires.

https://www.washingtonpost.com/us-policy/2022/03/26/billionaire-tax-budget-biden/

 

[Hawkeye10]

Rolling net worth into income tax is a horrible idea.

 

[BidenPresident]

Rolling net worth into income tax is a horrible idea.

Then they should have been paying their taxes.

 

[Celticguy]

Rolling net worth into income tax is a horrible idea.

thats how the tax will be avoided. but I do not disagree with the observation.

 

[ThatOwlWoman]

Can't wait to see all the OUTRAGE from the Reichwingers. lol

 

[Celticguy]

Then they should have been paying their taxes.

they do pay their taxes. they do not have income so they owe no income taxes.

 

[Hawkeye10]

Then they should have been paying their taxes.

The wealthy bought Washington in part so that they could corrupt the tax code and accumulate (steal) even more wealth from the society, but this is not the way to fix the problem.

 

[Celticguy]

Can't wait to see all the OUTRAGE from the Reichwingers. lol

I cannot wait to see the outrage when this produces no revenue.

 

[Geeko Sportivo]

Rolling net worth into income tax is a horrible idea.

You may have to SPLAIN that one LUCY!

 

[BidenPresident]

they do pay their taxes. they do not have income so they owe no income taxes.

False.

 

[BidenPresident]

The wealthy bought Washington in part so that they could corrupt the tax code and accumulate (steal) even more wealth from the society, but this is not the way to fix the problem.

You have a better idea than Biden? Post it.

 

[BidenPresident]

"Many billionaires can pay far lower tax rates than average Americans because the federal government does not tax the increase in the value of their stock holdings until those assets are sold. Billionaires are able to borrow against their accumulated gains without triggering taxes on capital gains, enabling huge accumulations of wealth to go virtually untaxed by the federal government."

 

[Hawkeye10]

You have a better idea than Biden? Post it.

The first thing that needs to happen is the American people taking the government back from the failed elite class.

 

[BidenPresident]

The White House Office of Management and Budget and Council of Economic Advisers estimated this fall that 400 billionaire families paid an average federal tax rate of just over 8 percent of their income between 2010 and 2018. That rate is lower than the rate paid by millions of Americans.

https://www.washingtonpost.com/us-policy/2022/03/26/billionaire-tax-budget-biden/

 

[BidenPresident]

The first thing that needs to happen is the American people taking the government back from the failed elite class.

So, you have nothing.

 

[anatta]

I cannot wait to see the outrage when this produces no revenue.

next will be the wealth tax

 

[Hawkeye10]

next will be the wealth tax

The wealthy own Washington, unless the people take it back they are not going to do anything they dont want to do, and we know what they have wanted to do all the way up to this point.

 

[Celticguy]

next will be the wealth tax

isnt this the so-called wealth tax ?

wont matter. they've been taxing the rich forever and the rich never pay more.

they just have these little passion plays to shut the rabble up. they will not bite the hand that feeds them.

 

[Hawkeye10]

isnt this the so-called wealth tax ?

wont matter. they've been taxing the rich forever and the rich never pay more.

they just have these little passion plays to shut the rabble up. they will not bite the hand that feeds them.

The pandemic response which generally made zero sense from a public health perspective but did make the super rich so much more rich as our society was decimated speaks volumes about how serious the Regime is about removing wealth from the super rich.

 

[Hoosier Daddy]

The first thing that needs to happen is the American people taking the government back from the failed elite class.

fuck you and that elite class bullshit. almost all repubs with any power are millionaires, dickface.