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

[Turtlesoup]

Of course you should
If a foreigner owns a business in the US, he pays US taxes

Not with all the loopholes we have and especially once you deduct the scams that foreigners and their extended families (that they claim as workers) do for the welfare/tax credit bullshit and all the money given to foreigners for stimulus and to start new businesses here. Then they have their loopholes claiming they have to pay their home country and other loopholes to hide money---not to mention most of the foreigners deal heavily in cash sales so they can hide income.

 

[Toddsterpatriot]

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.

You want a law to stop rich people from borrowing?

 

[Toddsterpatriot]

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.

Which loopholes should we eliminate?

 

[Toddsterpatriot]

Then we close more of those loopholes, too.

Yeah, just tell the world not to let rich people buy or sell stock. Easy peasy.

 

[Fort Fun Indiana]

Yeah, just tell the world not to let rich people buy or sell stock. Easy peasy.

Your non sequitur, not my thoughts or words.

 

[Toddsterpatriot]

Your non sequitur, not my thoughts or words.

How do you close the "loophole" of rich Americans buying stock in other countries?

 

[Ropey]

The wealthy know better than to accept taxable income

Oh, they pay. You just want it all.

The left don't know how to make money.

Just take money.

 

[bripat9643]

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

Every Marxist government ever recorded has already established them.

 

[bripat9643]

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

These are the same numskulls who wanted to add another $5 trillion to the national debt.

 

[Mr Natural]

With $30 trillion in debt, it’s obvious that if want to maintain this comfortable life style of ours, something is going to have to be done.

And we all know that cutting government services is never going to happen.

 

[task0778]

Sweden had a wealth tax and hated it so it got shit-canned in 2007. The Left loves Sweden so much, right? So, WTF?

 

[Weatherman2020]

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.'​

Good thing the super rich don’t have the ability to keep money offshore to keep them below Brandon’s threshold!

 

[Weatherman2020]

With $30 trillion in debt, it’s obvious that if want to maintain this comfortable life style of ours, something is going to have to be done.

And we all know that cutting government services is never going to happen.

And I just put enough in offshore accounts to get me below the threshold.
You Leftards are so obvious. Just more show.

 

[bripat9643]

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

Fort Fun is the kind of guy who shoots himself in the ass and then says "it's a good start."

 

[AntonToo]

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.

...well maybe YOU don't work and can't imagine paying 20% tax, but to most of Americans who have been paying that it's called paying your fair share.

 

[bripat9643]

Probably the worst tax policy idea in history.

How is it the worst?

 

[Independent thinker]

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.'​

Some how or other in there I think they are also wanting to tax monies that have already been taxed (I think). People should not have to pay taxes on money they have already been taxed on once.

 

[bripat9643]

...well maybe YOU don't work and can't imagine paying 20% tax, but to most of Americans who have been paying that it's called paying your fair share.

people making less than $50K pay nothing, and the to 10% pay 90% of all the income taxes. So you obviously not one of the ones paying his fair share.

 

[Weatherman2020]

Then we close more of those loopholes, too.

This more BS show from the Left. No loopholes are even being suggested to be closed. This is about more meaningless legislation to show your Dummycrat comrades something and they’re too stupid to figure out nothing has changed.

 

[bripat9643]

With $30 trillion in debt, it’s obvious that if want to maintain this comfortable life style of ours, something is going to have to be done.

And we all know that cutting government services is never going to happen.

It's very simple: stop spending.