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

[Stormy Daniels]

Their smart while you're a fucking retard

 

[JohnDB]

Applying taxes on unrealized income is a way of redefining income.

And where this hurts is in our retirement portfolios. It's a way of grabbing 20% of your retirement portfolio before you even begin to draw it out.

Where you might have only $80,000 the ETFs and investments you own will lose 20% value overnight because of this.

The stock market operates partially on supply and demand for stock price. Causing Elon Musk to sell his stock waters down the available stock in the market and drops the price drastically. Meaning that if he sold 20% of his holdings in his company to pay taxes, it really would take sales of a ver 40% to 60% to cough up enough money to pay that tax. Because as he sold it the price would drop like a rock.

It would in effect bankrupt him.

 

[progressive hunter]

Everyone pays taxes

not true,, bottom 50% dont pay and also get more back,,

but you knew that,,

 

[bripat9643]

No they're not.

Yes they are. Only Stalinists support expropriation of private property

 

[bripat9643]

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

You're the king of bad ideas.

 

[Dadoalex]

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.'​

Don't need Republicans...Just reconciliation.

BWAHAHAHAHAHA

 

[bripat9643]

Taxes are the price we pay to live in a civilized society……Oliver Wendell Holmes

THey don't pay for civilization. They pay for parasites and greedy government employees.

 

[bripat9643]

Lets put that consumption tax on every time you buy and sell stock

That will get the wealthy to pay up

The wealthy already pay the bulk of taxes, blood sucker.

 

[Mr Natural]

The wealthy already pay the bulk of taxes, blood sucker.

And considering a $30 trillion national debt, it’s not enough.

 

[bripat9643]

And considering a $30 trillion national debt, it’s not enough.

It would be more than enough if we voted all the Dims out of office.

 

[Mr Natural]

It would be more than enough if we voted all the Dims out of office.

Of course that’s what a half-wit would believe.

 

[bripat9643]

Of course that’s what a half-wit would believe.

No, that's what anyone able to commit logic knows.

 

[Lisa558]

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

Let’s levy a minimum one percent federal income tax on all Americans. It’s ridiculous that half the people not only pay nothing, they get thousands of dollars in redistribution schemes ( and then they call it their “tax refund”).

 

[Ray From Cleveland]

Everyone pays taxes

Not income taxes.

 

[Lisa558]

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

We could eliminate half of all government workers as a start. The redundancy is ridiculous.

 

[Lisa558]

Not income taxes.

They always say that! But….but…..but…..payroll tax.

 

[Ray From Cleveland]

Lets put that consumption tax on every time you buy and sell stock

That will get the wealthy to pay up

Pay up on what? They already support our federal government. It's time others pay up since they've been getting a free ride their entire lives. That's why a consumption tax is the fairest. The more you buy, the more you pay.

 

[HappyJoy]

Yes they are. Only Stalinists support expropriation of private property

Do tell.

 

[Mr Natural]

Only working people should pay taxes. The wealthy already do enough for us and they shouldn't be penalized for being successful.

 

[Toddsterpatriot]

Lets put that consumption tax on every time you buy and sell stock

That will get the wealthy to pay up

No it won't.