Posted on 04/02/2022 5:47:03 PM PDT by simpson96
Sen. Elizabeth Warren on Tuesday praised the Biden administration’s renewed effort to introduce a new tax on the country’s wealthiest households, calling for even more changes to the way corporate executives are paid.
Warren, a Democrat from Massachusetts, said President Joe Biden’s proposal to require the top 0.01% of households — those worth over $100 million — to pay a 20% tax on their income is a welcome reform for a “broken” tax system.
“What Democrats are saying is that we’ve got a plan to try to raise taxes on the millionaires and billionaires, the people at the top who aren’t even paying taxes at the same rate as everyone else,” Warren told “Squawk Box.”
Higher taxes on the richest American households, she argued, would help fund future corporate subsidies such as tax credits for clean energy projects as well as big-ticket government projects such as the president’s infrastructure bill.
(Excerpt) Read more at cnbc.com ...
No Digital Wampum, Indian Princess...
you might be more accurate saying she just doesn’t think.
She voted to give herself a raise...so f her.
Amen!
Let’s tax old ladies claiming to be Indians.
Would that include pay restrictions for representatives? Not giving themselves raises and perks?
Give me a break
Yep, TERM LIMITS!!!
If just a very small handful of these people moved out of the country as a result of this policy, it would be devastating to tax revenues.
Somebody was trolling her on Tweater for complaining about student debt levels while being the highest paid prof at Harvard Law School.
The top 1% pay well over 60% of taxes already.
Then combine in what government hoovers in from business taxes. Then combine in what govt hoovers in from gas taxes, sales taxes, death taxes, special use taxes, fees, fines...
At the federal, stafe and local levels
We do not get an accurate full picture of exactly how much government actually rakes in from us.
I think we would save money in the long run if we just let the Democrats go ahead and put their voters on a government salary. :)
Are Psychojewea and AOC related?
By “income” they mean unrealized gains on stocks and other assets.
Basically this means people that own substantial amounts of these assets will be forced to sell some of them to pay the taxes.
Guess what this will do to the price of those assets?
IIRC this proposed bill also taxed “unrealized gains”, so when my stock values go up but I don’t cash in, I pay a tax. But I don’t think I get a refund when the stocks go down.
The billionaires tax would only apply to, what, 1500 families? Something like that. I think it would be simple for them to move to a friendlier country.
They will Kill the goose that lays the golden eggs.
Most of my clients are insolvent and the rules of bankruptcy are very critical to them. If changes in the law are coming, they have to make a decision about seeking protection now, under the current law, or later, after the new law goes into effect. So I keep an eye on Congress to see where bills changing the bankruptcy code are going. One bill, almost certain to have been written by Elizabeth Warren, was entered in the House after Biden was elected but before he was inaugurated. As far as I can tell, it has not been marked up, has not had hearings, is not moving.
But, you have to wander what the Biden Administration’s strategy is going to be as we get to the midterms. If they cannot move the huge pieces of legislation, will they instead settle for a lot of smaller bills (including the bankruptcy code revision, or something like it)? I don’t know, but it is my worry that they will attempt to do a lot of damage in small doses.
And this is to say nothing of what they will try to do in a lame duck session of Congress, after they are obliterated in both houses.
The next nine months are a very dangerous time. The GOP needs to anticipate this flooding the zone strategy and be prepared to stop it.
By the way, I don't recall any billionaires playing the "knockout game" with Asians or others. They certainly aren't a threat to me.
Hmmmmmmm.... singling out CEOs but not Board members. People that vote for these creatures are the problem, not the Reps because they are the product of “the People”.
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