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

[Big Bend Texas]

It always puzzles me when someone chimes in with one of these "It won't affect you, so don't worry" comments.

It's a question of fairness. Those who don't have $100 million want people who do have that to pay more because, well, because they don't have it.

We need a flat tax. A flat tax is the most fair way to go about taxing citizens...

I Absolutely agree.

A single rate flat tax, everyone pays the exact same rate, no deductions, no exemptions, no refundable credits etc.

That way everyone has skin in the game and they aren't simply voting to steal what others have earned for redistribution.

 

[BluesLegend]

Dem TAX INCREASES the Dems solution to every problem. Too gutless to tax everyone they try to single out groups to divide America and pit us against each other. Today it's the rich, who's next Jews? Christians?

 

[BluesLegend]

I’m in favor of a minimum tax - for EVERYONE. On a sliding scale of course, but everyone should have to pay at least 1%. As it stands now, half of America not only pays nothing in federal income tax, but refers to the money transferred to them from other people’s taxes as their “tax refund.”

FIRST be in favor of spending cuts BEFORE one damn cent in tax increases. Get all the deadbeats off their ass and make them work for their handouts while we are cleaning up the mess.

 

[Big Bend Texas]

Dem TAX INCREASES the Dems solution to every problem. Too gutless to tax everyone they try to single out groups to divide America and pit us against each other. Today it's the rich, who's next Jews? Christians?

Just wait, "Universal Income" is the "next big thing" around the corner for 2024 along with amnesty for all the illegals because, "the problem is too big to fix".

If they can't steal the next election due to changes in state voting laws they'll just do it the old fashioned way by buying it.

 

[Big Bend Texas]

FIRST be in favor of spending cuts BEFORE one damn cent in tax increases. Get all the deadbeats off their ass and make them work for their handouts while we are cleaning up the mess.

Worked well in Germany for at least fifty years.

I don't care if you can't do anything but sweep streets and sidewalks or lick stamps at the IRS for their mailings, virtually everyone is capable of something.

Whatever happend to "We're all in this together", and "Ask not what your country can do for You, As what you can do for your country".

Sitting on your ass smoking dope, getting high, and producing nothing but more mouths to feed collecting welfare needs to come to an end or the takers are going to eat the last of the producers and we will collapse economically and societally.

 

[BluesLegend]

Just wait, "Universal Income" is the "next big thing" around the corner for 2024 along with amnesty for all the illegals because, "the problem is too big to fix".

If they can't steal the next election due to changes in state voting laws they'll just do it the old fashioned way by buying it.

Dems are unable to convince Americans to vote for their stupid shit so they are RIGGING elections by importing millions of illegals they can bribe with government handouts. Dems are playing with fire, the odds of the USA breaking into 2 countries and us heaping all the illegals and scumbags into Dem territory is a certainty. They wanted it, they can have it.

 

[JWBooth]

Bidet is looking to appease the loons on his left flank. After next January it won’t matter what he proposes.

 

[Lisa558]

FIRST be in favor of spending cuts BEFORE one damn cent in tax increases. Get all the deadbeats off their ass and make them work for their handouts while we are cleaning up the mess.

We’ve already made baby steps in that direction by at least blocking Biden’s big spending plan. I know of two people, each with three children, who had part-time jobs to contribute to the family’s modest income, and quit them the minute Biden expanded the child “.tax credit” (which is a misnomer) and starting collecting nearly $1000 a month tax-free. That’s ended, so they each went back to work. It’s a start.

 

[Lisa558]

Worked well in Germany for at least fifty years.

I don't care if you can't do anything but sweep streets and sidewalks or lick stamps at the IRS for their mailings, virtually everyone is capable of something.

Whatever happend to "We're all in this together", and "Ask not what your country can do for You, As what you can do for your country".

Sitting on your ass smoking dope, getting high, and producing nothing but more mouths to feed collecting welfare needs to come to an end or the takers are going to eat the last of the producers and we will collapse economically and societally.

I’ve said it many times before here, and I’ll say it again: what is missing from this country is a sense of shame. I can’t believe the way people talk about the money they get from the government so they don’t have to work.

 

[366h34d]

Congress can levy taxes

No one has an outstanding debt. That is the income taxes rate based on your wealth, not your income.

 

[bigrebnc1775]

What are they paying right now and after the new taxes? I think it violates the taxes law.

at least 50 million more than you are.

 

[Concerned American]

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.

Isn't that what we have to do when we have to pay property tax on our homes assessed value? I think CA's Jarvis-Gann Proposition 13 should become federal law.

 

[task0778]

Let’s start with the 16th Amendment to the Constitution, ratified in 1913, which provides: “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”

If Congress wants to raise rates on the wealthy, it’s perfectly entitled to do that. Notably, however, the 16th Amendment is limited to “taxes on incomes,” so it does not authorize wealth taxes.

Still, Congress imposes a lot of other kinds of taxes, such as the ones on cigarettes, alcohol and gasoline. Everyone agrees that these are “indirect” taxes, in the sense that they are not paid directly by consumers.

That matters, because the Constitution imposes a serious barrier to direct taxes. Article I, section 9, clause 4 of the Constitution provides, “No Capitation, or other direct, Tax shall be laid, unless in Proportion to the Census or Enumeration herein before directed to be taken."

This means that any “direct” tax must be apportioned among the states by population. And if a wealth tax counts as a direct tax, and thus has to be apportioned, almost everyone agrees that it’s dead in the water, simply as a matter of political reality.

Constitution May Block Progressives on Wealth Tax

(Bloomberg Opinion) -- Debates about the idea of a wealth tax are suddenly sounding a lot less hypothetical.With massive expenditures related to the Covid-19 pandemic, the U.S. needs to find ways to raise revenue. And with the economic burdens of the calamity falling disproportionately on the...

finance.yahoo.com

I don't think Biden's wealth tax is constitutional and I think he knows it. This is a purely political move that gives the democrats something to rail against the GOP. The truth though, is that the democrats can pass a revenue bill through the Senate using reconciliation with only 50 votes plus the VP's tiebreaker. So in reality it's all on them.

 

[Resnic]

It won't happen.

It's just him spouting shit thinking Americans will eat it up and love him. The poor always when some politician says "we're gonna stick it to the man".

It's as dumb as utterly empty as him saying he would get rid of student debt, the buck stops with him, he would fix all our problems, blah blah blah.

It's all empty promises just to make people think he isn't rest.

 

[boedicca]

All those taxes won't cover much of the Fed gubmint's spending binge. And given how the extremely wealthy can move, many will go to a lower tax jurisdiction...just like New Yawkers are doin.

Feed Your Family on $10 Billion a Day​

Seems like these days I hear a lot of whiney whiners whining about "out of control government spending" and "insane deficits" and such, trying to make hay out of a bunch of pointy-head boring finance hooey. Sure, $3.7 trillion of spending sounds like a big number. "Oh, boo-hoo, how are we going to get $3.7 trillion dollars? We're broke, boo-hoo-hoo," whine the whiners. What these skinflint crybabies fail to realize is that $3.7 trillion is for an entire year - which translates into only a measly $10 billion per day!

Mister, I call that a bargain. Especially since it pays for all of us - you and me, the whole American family. Like all families, we Americas have to pay for things - health, food, safety, uncle Dave America with his drinking problem. And when little Billy America wants that new quad runner they promised, do Mom and Dad America deny him? No, they get a second job at Circle K, because they know little Billy might have one of his episodes and burn down the house.

So let's all sit down together as an American family with a calendar and make a yearly budget. First, let's lock in the $3.7 trillion of critical family spending priorities; now let's get to work on collecting the pay-as-we-go $10 billion daily cash flow we need.

12:01 AM, January 1
Let's start the year out right by going after some evil corporations and their obscene profits. And who is more evil than those twin spawns of Lucifer himself, Exxon Mobil and Walmart? Together these two largest American industrial behemoths raked in, between them, $34 billion in 2010 global profits. Let's teach 'em both a lesson and confiscate it for the public good. This will get us through...

9:52 AM January 4
Okay, maybe I underestimated our take. But we shouldn't let Exxon and Walmart distract us from all those other corporate profiteers out there worth shaking down. In fact, why don't we grab every cent of 2010 profit made by the other 498 members of the Fortune 500? That will net us another, let's see, $357 billion! Enough to get us to...

2:00 AM February 9
So we're running out of corporate cash, but look - it's Super Bowl time! As we all know, the game has become a crass disgusting festival of commercialism. So let's take all the TV ad money spent on stupid Super Bowl ads, and apply that to government needs. That would be $250 million, enough to fund us for, let's see... 36 minutes. The half time show, at least. But why stop there? Let's take every cent of ad money spent on all 45 Super Bowls, a cool $5 billion, which would cover us until...

2:00 PM February 9
Speaking of sports, why should the players be immune to our pressing public needs? Lord knows professional athletes make obscene salaries for playing a dumb game. So let's take the combined salaries of all players in the NFL, Major League Baseball, the NBA, and the NHL. Hey, they've got endorsement deals, they'll hardly miss it. Throw in the total winnings of everybody on the PGA tour and NASCAR, and we get $9.4 billion, enough to get us through until...

1:00 PM February 10
Okay, it's time to stop messing around. Athletes aren't the only ones greedily raking it in. What about America's rich - those fancy pants fat cats living the high life in the above-$250,000 income bracket? According to IRS statistics, these 1.93% of US households are hogging 25% of US income. And why do they need it? For crying out loud, they probably stole it anyway. I say let's take 100% of every penny they make above $250,000. They can use the rest to pay their state and local taxes. Now we're talking big bucks, brother. How much? Let's see...


A: Number of US households: 116,000,000
B: Average US household income: $68,000 (median = $52,000)
C: Total US household income (A * B): $7.89 trillion
D: Percent of households above $250k income: 1.93%
E: Number of households above $250k income (A*D): 2,238,800
F: Percent of national income earned by households making $250k or more = 25%
G: Total income of households making $250k or more (C*F): $1.97 trillion
H: Total income of households in excess of $250k (G - E*$250,000) = $1.412 trillion


Alright! Take that, fat cats! Our $1.412 trillion windfall has us covered for the next 141 days, or until...

Feed Your Family on $10 Billion a Day

Seems like these days I hear a lot of whiney whiners whining about "out of control government spending" and "insane deficits" and such, trying to make hay out of a bunch of pointy-head boring finance hooey. Sure, $3.7 trillion of...

iowahawk.typepad.com

 

[Batcat]

No wonder Pelosi was thinking of retiring are fleeing to a foreign tax haven

Biden doesn’t seem to realize rich people can move to another nation. Hell, some could buy another country.

 

[EvilCat Breath]

Will the Biden graft be taxed?

 

[daveman]

From the article:

Call it $68 billion.

In 2021, the government spent $6.82 trillion.​

That's $18.68 billion a day.

The proposed tax would fund government spending at 2021 levels for 87.4 hours.

Congratulations, Democrats. You solved every problem.

Democrats can't be trusted with money. Period. End of story. They simply don't understand it.

 

[PinktheFloyd88]

Well, my outlook has always been simple: Eat the rich.

Thoughts on raising taxes on these rich leeches?

 

[excalibur]

Taxing unrealized gains won't pass judicial muster even if the turds in both Houses pass such legislation.

Their understanding of markets is juvenile, if such a law were constitutional people would have to sell things to pay the tax bill, thus depressing the market and dropping prices, and inducing a spiral down in markets thus making many of those unrealized gains smaller and smaller.