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

[Indeependent]

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.

AKA Biden is pleasing his LibTard Cultists.

 

[bripat9643]

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

Thoughts on raising taxes on these rich leeches?

Yes, you are simple.

 

[progressive hunter]

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

Thoughts on raising taxes on these rich leeches?

how will they determine wealth??

if its based on stocks that would require selling them to pay the tax which would reduce the value of them,,

same applies for property,,

 

[ThisIsMe]

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.​

​

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.​

​

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.​

​

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.​

​

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

​

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.​

​

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

​

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

​

'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,'​

​

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

Yesh...Yeah... not income until it....comes in...

Don't know why they don't realize that.

 

[Hang on Sloopy]

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

Thoughts on raising taxes on these rich leeches?

They'll park their money elsewhere you GD fool. Their smart while you're a fucking retard

 

[HappyJoy]

The people of Ukraine are fighting against people who support that kind of shit.

No they're not.

 

[Toddsterpatriot]

Biden to Release a Plan to TAX rich Americans worth over $100 million​

If my net worth is $100 million but my income is zero, how much do I pay?

 

[JGalt]

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

Thoughts on raising taxes on these rich leeches?

You may not have figured this out yet but whatever Biden says, he does just the opposite.

That means he's going to tax the living shit out of you.

 

[Toddsterpatriot]

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

Thoughts on raising taxes on these rich leeches?

The "Billionaire Minimum Income Tax" would require households worth more than $100 million to pay at least 20% on their full income, including unrealized investment income, the White House said in a fact sheet, with over half of the revenue coming from billionaire households.

Unrealized investment income isn't income.

 

[rightwinger]

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

It is a minimum
If you are already paying 20 percent it won’t affect you

 

[progressive hunter]

Biden to Release a Plan to TAX rich Americans worth over $100 million​

If my net worth is $100 million but my income is zero, how much do I pay?

you pay on your worth not the income,,

 

[1srelluc]

Yeah, it sucks and won't pass constitutional muster but you know, I'll just let the rich go to the mattresses on this one. They have the money to fight it and most of them play both ends against the middle or are dems anyway.

Who knows, maybe it will give some of them pause before supporting a dem in 22/24.

 

[progressive hunter]

It is a minimum
If you are already paying 20 percent it won’t affect you

its on worth not income,, so its a different tax where that doesnt apply,,

 

[bigrebnc1775]

you pay on your worth not the income,,

to make the biden new tax plan legal and constitutional every American would have to pay a tax on their net worth

 

[Mikeoxenormous]

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.​

​

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.​

​

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.​

​

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.​

​

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

​

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.​

​

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

​

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

​

'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,'​

​

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

You never fucking hear about cutting the fucking government down by 50% for a few years. If you reduced the size, each year for 5 years, soon the spending would be back in the billions, while trillions of dollars would come in to pay down the debt. But this isnt about balancing the budget but bankrupting the US and punishing law abiding citizens. This is proven with the open borders where diseased illegals cross every day, breaking the law, but if you do anything unlawful you go to jail in a NY minute. Fuck the Democrats, it is time to start shooting at them, just like as Maxine Waters had said.

 

[rightwinger]

The "Billionaire Minimum Income Tax" would require households worth more than $100 million to pay at least 20% on their full income, including unrealized investment income, the White House said in a fact sheet, with over half of the revenue coming from billionaire households.

Unrealized investment income isn't income.

Easy fix
Just levy a one percent fee on all stock transactions.
Like a sales tax

 

[JGalt]

AKA Biden is pleasing his LibTard Cultists.

Just add this to the list of other things he lied about.

 

[JGalt]

Easy fix
Just levy a one percent fee on all stock transactions.
Like a sales tax

Nice. Then watch all those retired people's IRA and 401k accounts dwindle down to nothing.

Good way to never see another Democrat in office again, which would work for me.

 

[progressive hunter]

Easy fix
Just levy a one percent fee on all stock transactions.
Like a sales tax

how about we dont and reduce the size of government cut taxs and let people keep more of their own money??

 

[rightwinger]

You never fucking hear about cutting the fucking government down by 50% for a few years. If you reduced the size, each year for 5 years, soon the spending would be back in the billions, while trillions of dollars would come in to pay down the debt. But this isnt about balancing the budget but bankrupting the US and punishing law abiding citizens. This is proven with the open borders where diseased illegals cross every day, breaking the law, but if you do anything unlawful you go to jail in a NY minute. Fuck the Democrats, it is time to start shooting at them, just like as Maxine Waters had said.

OK…what part of the budget do you want to cut by 50 percent?