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

[Toddsterpatriot]

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

The spending that protects civilization, military, border control and criminal justice spending, is the only spending that liberals want to cut.

 

[rightwinger]

No it won't.

Unless they keep their money under a mattress
Tax them when they move it around

 

[bripat9643]

Unless they keep their money under a mattress
Tax them when they move it around

Why not just cut your boondoggle spending?

 

[rightwinger]

Why not just cut your boondoggle spending?

 

[Toddsterpatriot]

Unless they keep their money under a mattress
Tax them when they move it around

They'll buy shares offshore.
Stupid idea.

 

[366h34d]

at least 50 million more than you are.

I don't pay US taxes

 

[366h34d]

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.

It seems that this is the new trend on the leftist, taxes on "on paper" wealth.

 

[rightwinger]

It seems that this is the new trend on the leftist, taxes on "on paper" wealth.

The wealthy know better than to accept taxable income

 

[bripat9643]

Just as I thought, the option isn't even a possibility in your universe.

 

[Cecilie1200]

Only morons like you believe such a law wouldn't come back to bite them in the ass.

The last thing I want is government confiscating the assets of anyone.

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

I don't even know where to start to unpack all the ways in which this is a terrible idea.

 

[JohnDB]

It seems that this is the new trend on the leftist, taxes on "on paper" wealth.

The actual way to control the wealthy elite into paying taxes is to stop the long term borrowing on stock equity. That would do more than anything else.

 

[Dont Taz Me Bro]

That's $100,000,000, not $1,000.

So I don't think you need to worry too much, Brian.

When the Alternative Minimum Tax was first passed it was to capture taxes on the incomes of like 60 of the wealthiest families in America. Now it's been hitting more and more middle class people each passing year due to inflation and higher incomes.

The easier way to do this is to simply get rid of all the loopholes.

 

[Cecilie1200]

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

Thoughts on raising taxes on these rich leeches?

Well, you'd collapse the entire world economic structure, but I'm sure you'd be sitting in the rubble, loving the fact that you "stuck it to those damned rich people who dare to be more successful than you" as you're starving to death.

Moron. Stop substituting your futile, impotent envy for thought.

 

[Fort Fun Indiana]

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.'​

Only 20%

It's a start.

 

[Fort Fun Indiana]

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

Probably the worst tax policy idea in history.

 

[Cecilie1200]

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,,

Which in turn would take down value of the stocks, which would collapse the companies, and all the little people who have investments in those companies (through pension plans, 401k plans, etc.) would lose everything, not to mention the little people who work for those companies, who would lose their jobs.

 

[Fort Fun Indiana]

They'll buy shares offshore.
Stupid idea.

Then we close more of those loopholes, too.

 

[Cecilie1200]

Only 20%

It's a start.

A start on what? Collapsing the United States to third-world poverty? Why would you want to start on that?

 

[Ray From Cleveland]

Which in turn would take down value of the stocks, which would collapse the companies, and all the little people who have investments in those companies (through pension plans, 401k plans, etc.) would lose everything, not to mention the little people who work for those companies, who would lose their jobs.

It goes back to what Ronald Reagan once said: If you want more of something, subsidize it. If you want less of something, tax it.

 

[Cecilie1200]

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

Which tells us that the government needs to stop spending money it doesn't have.