The BIT Act (Billionaire Income Tax)

[Crepitus]

Not coming back this time. What you’ll got a 19 percent approval now?

Too much was exposed when you all decided not to hide your facism and made a majority of the country worse off

The low approval rating is because they aren't fighting tRump hard enough.

 

[Independent thinker]

To target individuals with more than $100 million in annual income for three consecutive years, or those with over $1 billion in assets for three consecutive years. International discussions are also underway regarding a coordinated tax on billionaires.


Direct link. How much is enough? Too little? Too much? Who should decide? Billionaires or the rest of us?

Many countries in Europe taxed the one percenters but every single country but one removed those taxes because they either didn't work or backfired. And, the only European country left still doing it has had no success with it, even though the tax is still on the books. Those on the left often enact laws and policies which "feel good", without really thinking them through.

 

[struth]

The low approval rating is because they aren't fighting tRump hard enough.

Hahaha sure dembot

 

[struth]

The low approval rating is because they aren't fighting tRump hard enough.

Hahaha sure dembot

and xidenflation was tranistory, and exploiting illegals for cheap labor is good, and killing peoole is good

You are a brainwashed demklansman

 

[Toddsterpatriot]

Enough to meet a living wage standard, which ensures workers can support themselves and their families without needing public assistance. Duh.

Enough to meet a living wage standard,

Post some real numbers.

 

[Toddsterpatriot]

Bugger off.

Damn, you're ignorant.

Typical leftist.

 

[Captain Caveman]

What about them, Grumblenuts? More information was needed in your OP. What will happen to individuals with more than $100 million in annual income for three consecutive years, or those with over $1 billion in assets for three consecutive years?

I assume it is some kind of new tax, but how much? How will they tax "assets" How will the IRS hire lawyers smarter than the lawyers that billionaires can afford?

How will they ensure that the rates will never go up, or the income requirement for paying this new tax never go down?

And the value of many assets are unknown until realised. Also, which assets? Sounds like a Utopian idea.

 

[Crepitus]

Hahaha sure dembot

Hahaha sure dembot

and xidenflation was tranistory, and exploiting illegals for cheap labor is good, and killing peoole is good

You are a brainwashed demklansman

 

[Seymour Flops]

And the value of many assets are unknown until realised. Also, which assets? Sounds like a Utopian idea.

My in-laws in Virginia pay a property tax on their vehicles. I guess the government there uses the Blue Book value?

 

[pknopp]

And the value of many assets are unknown until realised. Also, which assets? Sounds like a Utopian idea.

The value of assets are known. It may change tomorrow.

 

[struth]

View attachment 1173024

Defensive?

Sounds like you need to get time dembot repram

 

[Captain Caveman]

The value of assets are known. It may change tomorrow.

Some are, some aren't. Fixed assets such as property or plant are easy to value, intangible assets such as intellectual property or a brand value aren't, they're subjective. Or is the legislation just after fixed assets?

If Musk receives, say 50,000 shares, what's their value? Well, I would say that's known when he sells them. But that form of tax is already there. So are they wanting to tax him when he receives them? So if you received 50,000 shares in the company that owned Bud Light, do you value them and pay tax before or after the Tran boycott, or when you sell them?

 

[pknopp]

Some are, some aren't. Fixed assets such as property or plant are easy to value, intangible assets such as intellectual property or a brand value aren't, they're subjective. Or is the legislation just after fixed assets?

If Musk receives, say 50,000 shares, what's their value? Well, I would say that's known when he sells them. But that form of tax is already there. So are they wanting to tax him when he receives them? So if you received 50,000 shares in the company that owned Bud Light, do you value them and pay tax before or after the Tran boycott, or when you sell them?

They want to tax the wealth created by the 50,000 shares.

 

[Captain Caveman]

They want to tax the wealth created by the 50,000 shares.

Which is daft because that wealth is not known until they're realised (sold). The created value is subjective, plus, no funds to pay the Utopian tax bill.