It is a billionaire tax. They just are not telling you what currency they are basing it on.
Posted on 10/24/2021 10:59:51 AM PDT by E. Pluribus Unum
President Biden hosted Sen. Joe Manchin III of West Virginia, a key swing vote for his legislative agenda, in Delaware on Sunday as Democrats weigh a new billionaire’s tax to help pay for their multi-trillion-dollar expansion of the federal safety net.
Mr. Biden met with Mr. Manchin and Senate Majority Leader Charles E. Schumer at the president’s Delaware home for a wide-ranging discussion on the spending plan. The talks came as Democrats have become increasingly optimistic that a deal is at hand.
“We have 90% of the bill agreed to and written. We just have some of the last decisions to be made,” House Speaker Nancy Pelosi, a California Democrat, said on CNN’s “State of the Union.” “It is less than what it was projected to begin with, but it is still bigger than anything we have ever done in terms of addressing the needs of America’s working families.”
Congressional Democrats are weighing a new tax on the income and assets of the nation’s billionaires — a provision many believe can help get the multi-trillion-dollar package across the finish line.
Senate Finance Committee Chairman Ron Wyden, an Oregon Democrat, is drafting the proposal with input from the White House and congressional leadership. Democrats hope the plan will raise sufficient revenue to fund the more than $2 trillion in spending they are proposing.
While the plan has yet to be finalized, it would tax billionaires annually on any increase in the value of their assets, like stocks and real estate. The tax would apply to individuals with assets in the billion-dollar range and those with annual incomes greater than $100 million over a three-year period.
(Excerpt) Read more at washingtontimes.com ...
It was always a done-deal.
Mr. Biden met with Mr. Manchin and Senate Majority Leader Charles E. Schumer at the president’s Delaware home
See all my gold bars can we talk.
Senate Majority Leader Charles E.Cheese...
The tax would apply to individuals with assets in the billion-dollar range and those with annual incomes greater than $100 million over a three-year period.
Then those with annual incomes greater than 40 thousand
dollars for the rest of their children’s lives.
See how that works...?
Hilarious that the only tax they may get is billionaire tax. Don’t like it but funny since I’d bet the majority voted dem.
Of course the middle class is getting killed by the inflation tax from this idiot policies.
About time the political class “pay their fair share”
Democrats hope the plan will raise sufficient revenue to fund the more than $2 trillion in spending they are proposing.
And the other $3.5 trillion is going to come from...where?
The unintended consequences of a wealth tax will render it dead. The French had to back off a similar tax a few years ago.
Yes, theater. They are negotiating the PR campaign not the cost/benefit to the country.
The fact we all know is that the billionaires won’t be paying “their faire share’ of taxes. These American companies like Google, Apple, Facebook, Big Pharma and the rest have it all set up already to avoid taxes by transferring revenues and profits via a series of offshore tax havens, subsidiaries, licensing deals and all the other methods that are perfectly legal. As far as the law goes, they already “pay their fair share”.
“Baseball is ninety percent mental. The other half is physical.”
— Yogi Berra
“I have 12% of a plan.”
— Peter Quill
Who else wants to drive on a 90% completed bridge?
West Virginia has a history of electing Senators willing to sell out to the highest bidder.
Does Senator Byrd ring anyone’s bells????
It is a billionaire tax. They just are not telling you what currency they are basing it on.
Just moving money from one reality to another.
Move along, nothing to see here.
Load up too.
Now you know why they never wire money anymore they don’t even trust the Swiss.
Not a hard record to beat.
Its not the amounts that matter, but the initialization of new entitlement programs ; once started, they will become permanent, and will, as designed, suck money out of Defense until there is nothing left.
While the plan has yet to be finalized, it would tax billionaires annually on any increase in the value of their assets, like stocks and real estate. The tax would apply to individuals with assets in the billion-dollar range and those with annual incomes greater than $100 million over a three-year period.
Foot in the door folks. A billion this year, becomes a million next year, becomes 1000 the year after and finally any increase you have in your assets. You pay this increase each year so it goes up porportionally with inflation. ABSOLUTE BULL CRAP.
If yo confiscated it all you couldn’t pay for Rat dreams !
.
Manchin was always going to fold, but WH Chief of Staff angered him when he publicly said that Manchin always does this. before Voting for Dem Legislation.
Make no mistake, Manchin is folding, Again.
.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.