President plans to unveil new 20% 'minimum tax' on 700 super-rich Americans that would levy ALL forms of income for families worth more than $100M

[HenryBHough]

These feet are meant for walkin'.......

Wealthy feet most of all.

 

[AntonToo]

They will have to pay 20% on any increase in value. IN terms of their current tax rate, that would be well over 100% for some people like Elon Musk

You're a fucking moron happily marching into the oncoming train.

Wow imagine that, paying taxes on making money. It's crazy, I know.

 

[366h34d]

Wow imagine that, paying taxes on making money. It's crazy, I know.

on paper, not real money

 

[Big Bend Texas]

They go after the next lower rung on the ladder, who becomes the new "rich".

Then rinse and repeat till all that's left is the bottom and the Oligarchs ruling the unwashed.

Yippeee, we'll be Russia!

 

[Big Bend Texas]

Wow imagine that, paying taxes on making money. It's crazy, I know.

Imagine not obsessing over or coveting that which others have earned and worrying about your own business... .

It's not your money and their having it takes nothing away from you so stop worrying about it.

 

[Big Bend Texas]

on paper, not real money

You know it seems they really know nothing about taxation.

There's no income till assets are sold unless dividends are paid on a stock or there is a disbursement from a Trust.

When you do sell an asset you pay not only the marginal rate you first pay the capital gains tax on that investment.

 

[366h34d]

You know it seems they really know nothing about taxation.

There's no income till assets are sold unless dividends are paid on a stock or there is a disbursement from a Trust.

When you do sell an asset you pay not only the marginal rate you first pay the capital gains tax on that investment.

You better reread the Biden new taxes plan. They will taxes on the value gained on paper, not after you sell the "asset"

 

[bripat9643]

Wow imagine that, paying taxes on making money. It's crazy, I know.

They aren't making a dime, moron. You really don't understand the meaning of "income," do you?

 

[Ray From Cleveland]

You know it seems they really know nothing about taxation.

There's no income till assets are sold unless dividends are paid on a stock or there is a disbursement from a Trust.

When you do sell an asset you pay not only the marginal rate you first pay the capital gains tax on that investment.

I didn't read through it all, but I wonder if they are also going to let you write-off unrealized losses as well. It would only seem fair. And how will they tax you after you pay this tax and sell it later on in the same year? Double taxation?

 

[bripat9643]

I didn't read through it all, but I wonder if they are also going to let you write-off unrealized losses as well. It would only seem fair. And how will they tax you after you pay this tax and sell it later on in the same year? Double taxation?

What if you pay taxes on huge gains, and then the market crashes. Do you get a refund?

 

[Ray From Cleveland]

It's ok, they don't mind as long as they feel like they've scored some sort of win sticking it to the wealthy.

We don't need jobs anymore, hell their big push for 2024 is going to be guranteed minimum income so everyone starts off with a gov't check for the year.

Universal income has been a thought of theirs for a while. I have nothing against it depending on how much that is and if Universal Income replaces all our social programs. In fact I think it would solve problems for a lot of people. Provided we actually save more by universal income minus the elimination of all social programs, I'm for it.

 

[Ray From Cleveland]

What if you pay taxes on huge gains, and then the market crashes. Do you get a refund?

Or imagine working for a company that you were expecting to get a big raise from, and now they have to shell out the money to government, even forcing them to sell some of that stock.

Now that most of us are in the market and not just rich people, this is going to need protection. I go back to what Ronald Reagan once said: If you want more of something, subsidize it. If you want less of something, tax it.

 

[bripat9643]

Or imagine working for a company that you were expecting to get a big raise from, and now they have to shell out the money to government, even forcing them to sell some of that stock.

Now that most of us are in the market and not just rich people, this is going to need protection. I go back to what Ronald Reagan once said: If you want more of something, subsidize it. If you want less of something, tax it.

We can never allow this monstrosity to pass. It's practically communism.

 

[Batcat]

They go after the next lower rung on the ladder, who becomes the new "rich".

Eventually they run out of the “rich.” Then everybody is poor. How wonderful.

 

[Ray From Cleveland]

Eventually they run out of the “rich.” Then everybody is poor. How wonderful. View attachment 623298

Biden is just doing the usual liberal dog and pony show. He knows it could never get past Congress but as always, is playing up to his base. Hillary and Dementia both out raised Trump during their campaigns. They didn't get all that loot from the homeless.

 

[BackAgain]

Biden has reached new heights of idiocy. Does he actually believe any Republican is going to vote for that?

Biden plans to unveil new 20% 'minimum tax' on billionaires​

the worlds richest men, including Elon Musk and Jeff Bezos, have much of their wealth in the form of stock.​

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As their stock rises in value, they are able to finance lavish lifestyles by taking out loans secured by their stock holdings. But loans are not taxed as income, and in many cases the interest payments are tax deductible.​

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The rising value of stock holdings -- known as unrealized gains -- is also not taxed as income. Capital gains taxes are only imposed when the stock is sold.​

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s a result, some 400 billionaire families paid an average federal tax rate of just over 8 percent of their income between 2010 and 2018, according to an estimate from the White House Office of Management and Budget and Council of Economic Advisers.​

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However, critics of a 'wealth tax' argue that treating unrealized gains as income is unfair and could lead to unintended consequences.​

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If billionaires are forced to pay taxes on the rising values of their stocks, even before they sell them at a profit, they could be forced to sell off control of companies that they founded in order to pay their tax bills, critics say.​

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Under Biden's new plan, billionaires already paying more than 20 percent in federal taxes would not owe additional taxes, according to the Post.​

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The taxes paid toward the minimum tax would count toward whatever billionaires owe whenever they sell their stock and pay ordinary capital gains taxes.​

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'The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income,'​

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'This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.'​

The new plan should be DOA in an American court of law. Taxing an unrealized gain is not taxing income. It is taxing “wealth” which isn’t Constitutionally permitted. It is also a seizure of possible income without due process. It is a denial of equal protection of the law.

Theproposal is a sign of the fiscal irresponsibility of the Democraps. They don’t have a genuine tax receipt problem. They have a spending-addiction problem.

WE all have a tax payment problem because of them. The valid authority of government in this Republic derives from the Constitution. It is the bargain by which we cede our own sovereignty to the government IN EXCHANGE for the government being bound by our national charter.

But where the government refuses to honor its side of the bargain,it loses its legitimate authority over us.

 

[BackAgain]

Congress can levy taxes

What kind? According to the Constitution, I mean. Be specific. No waffling.

 

[Batcat]

Biden is just doing the usual liberal dog and pony show. He knows it could never get past Congress but as always, is playing up to his base. Hillary and Dementia both out raised Trump during their campaigns. They didn't get all that loot from the homeless.

Congress passed all the loopholes the rich enjoy to avoid paying taxes and the rich rewarded the rich friendly congress critters with donations and jobs once they left office.

 

[rightwinger]

Most of which was eventually overturned including the mandate and penalty.

Obamacare is still here

 

[Lisa558]

Obamacare is still here

The unconstitutional part of it was removed, although you’re correct….many middle class people are still suffering under its burden. My 62-year-old sister is now paying $1000 a month for a crappy bronze plan - the best she can afford - so that people who never went to college and don’t earn much money can get a subsidized silver plan with better coverage.

Obamacare is another form of wealth distribution - from the middle class to the working class. You don’t have to worry about the burden it places on middle class people, because as I recall, you are a government retiree with excellent pension and medical benefits.