Posted on 09/24/2021 5:47:44 PM PDT by libstripper
Senate Finance Chair Ron Wyden wants to tax billionaires' unrealized wealth gains annually.
Biden said he supports the proposal as a potential method to fund Democrats' social-spending bill.
"I come from the corporate state of America," Biden said. "I just think it's about just paying your fair share, for Lord's sake."
House Democrats have proposed a whole host of options to pay for their $3.5 trillion social-spending bill which includes measures like universal pre-K, tuition-free community college, and paid leave for workers.
One of those options, proposed by Senate Finance Chair Ron Wyden, is a change to the way the government taxes earnings on assets like stocks and bonds. It would mainly affect the wealthy, because their wealth usually derives from investments more than salaries. The gains on those assets - which are called capital gains - are taxed at a far loewer rate than income brought in through wages. The top marginal tax rate on income is 37%; capital gains for the wealthiest Americans are taxed just up to 20%.
(Excerpt) Read more at msn.com ...
All money rightfully belongs to politicians.
unrealized wealth gains?
pay a “fair share”?
a “fair share” of WHAT?
Unrealized capital gains are UNFAIR since 50% of Americans have no unrealized gains.
What juvenile concepts of what happens with wealth...
Nobody sits on anything. You put your money to work through
investments. Those invested funds spur more economic activity
and cause the investments to grow in value.
Nobody is sitting on piles of cash, unless it’s Hunter Biden
on some sort of substance high.
Fair share??!! Then take Hunter Biden's millions away, all ill-gotten. And same goes for Joe and Jill Biden, lazy bums getting money above and below the table without any work to show for it. (She's no doctor, just a sometimes teacher.)
How about NO?
Lets factor into peoples taxes and incomes how much money they lose every year due to monetary inflation each year.
“I come from the corporate state of America,” Biden said. “I just think it’s about just paying your fair share, for Lord’s sake.”
This from an axxhat deadbeat that owes $500,000 in back taxes
“I come from the corporate state of America,” Biden said
The only “state” you come from a-hole is the “state of leeching off taxpayer dollars”.
Anyone ever notice the most leftist politicians in Washington always turn out to be these bums who never worked a real job in their life? Never went out in the real world, yet they lecture us day in day out
Not to mention that he needs to be investigated on how he owns 3 mansions, is worth millions, yet never made more than $210K a year before he stole the POTUS election. All these college kids who like to protest? I would love to see them protest Biden and demand he account for the millions he made.
“Pure horrors. This could apply to everybody with unrealized capital gains and devastate the vast majority of investment accounts. Middle class, say goodbye to your hard earned retirement accounts, which are mostly made of appreciated assets.”
Your wrong about this. The distribution from my IRA is taxed as regular income, not capital gains.
They could take all the rich money, still would not pay the cost, then what do they do next year?
Unrealized capital gains are not “cash piles.” I gut feel is if the government tried to tax them, it would drive a massive sell-off that would crush the stock and bond markets.
So it’s going to be a taxation on imputed gains, then?
sitting wealth is not income, like income tax. That’s confiscation of wealth.
Tax the Rich is nothing more than a slogan, and an old, moldy one at that.
They’ll never actually do it, because the rich are their biggest supporters.
So if I have a million in the bank does he plan on taxing it every year until they get it all?
He comes from corporate America???? Now that’s comical from a guy who the bulk of his career has been in congress.
You're getting the idea.
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