Democrats move to finalize new ‘billionaire’ tax proposal, targeting 700 wealthiest Americans as key source of revenue for spending plan

MSN News ^ | October 22, 2021 | Jeff Stein, Mike DeBonis

[Half_Retired]

Currently, wealthy Americans do not have to pay taxes on vast accumulations of wealth because they are taxed only once an asset is sold. Billionaires often borrow against their non-taxed assets, allowing them to spend enormous sums of money while effectively paying very low taxes relative to their income and worth.

Under the “Billionaire Income Tax” proposal, a summary of which was obtained by The Washington Post, the federal government would require billionaires to pay taxes on the increased value of assets such as stocks on an annual basis, regardless of whether they sell those assets. Billionaires would also be able to take deductions for any annual loss in value of those assets.

The plan would also set up a system for taxing assets that are not easily tradable, such as real estate. The tax would apply to billionaires and people earning more than $100 million in income three years in a row.​

[Half_Retired]

Bothers me less than some of their other proposals.

[Gene Eric]

The Rat billionaires will be exempt.

[SkyDancer]

Would maybe run the country for a month and a half. Maybe.

[Still Thinking]

Bullshit. Those assets were purchased with income that had been taxed. What makes these scum ‘think’ that just because there’s an asset sitting there which was already taxed once, and worth questionable legitimacy at that, that something else is somehow ‘owed’. Scum. Human filth. Collectivists.

[BenLurkin]

Here’s a thought — Don’t Spend.

[pnut22]

Would be logical to me that the billionaires would move assets off shore and hide them.

[Pollard]

One word; Foundation

Foundations like Bill & Melinda or Clinton will be exempt. They’ll just put their money in and move their money around in those.

[Boomer One]

Billionaires = Trojan Horse

As soon as income fails to meet expectations this will be made applicable to the middle class. A tax such as this makes it much harder for an individual to save and accumulate, thus taking away the incentive to save and invest. And without adequate investment, what happens to research and development of new products?

[Jim Robinson]

So much for equal treatment under the law.

[JesusIsLord]

... tax would apply to billionaires and people earning more than $100 million in income three years in a row.​

If this tax should become law, how it defines "income" will be interesting.

[9YearLurker]

A guarantee that they’d officially move to Switzerland or New Zealand?

[17th Miss Regt]

Scum. Human filth. Collectivists.

But you repeat yourself.

[Lockbox]

The Foundation would own their houses, their airplanes, their yachts, their cars. The Foundations would pay for all the “Foundation” related travel….. what would there be left to tax?

[Nathan _in_Arkansas]

They’re going to piss off their mega donors.

[17th Miss Regt]

Billionaires would also be able to take deductions for any annual loss in value of those assets.

This part would not be included in the tax law changes. The tax on the increased value of the assets would be included.

[Nathan _in_Arkansas]

I don’t like the idea of taxing unrealized gains. It’ll start with billionaires, but they’ll like the idea so much that they’ll apply it to every investor eventually.

[DaxtonBrown]

It would require a small country of accountants to calculate. What is the value of real estate, until it is sold? You’d need comparables, income P&Ls,projections.

Do you get your money back if the assets fall in value?

[Nifster]

Bill of attainder will be killed by SCOTUS

[markomalley]

The following is an open letter:

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Hello Democrats.

Please allow me to introduce Andrew Henderson. You may have heard of his book:

This gentleman and many others like him provide services that assist wealthy people relocate to other countries, offshore their assets, and gain citizenship in countries that don't demonize their citizens for being successful.

Mr. Henderson's specific niche is people with 7 and 8 figure incomes, not 9 and 10 figure incomes, but I am relatively certain that he is quite thankful for this, and other policies that you have in the works as this is yielding a windfall of consulting fees for him and his staff.

So by all means please do continue demonizing the wealthy through your propaganda arm (a/k/a the media and the mainstream news), continue to discourage industry to form within the US (through your regulatory tools), and continue with your attempts at stealing their money through changes in the revenue code. I'm pretty certain that Mr. Henderson and staff will make good use of the additional revenue and won't need to pay one thin dime of it back to feed the beast.

Warmest regards,

FReeper markomalley

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My FReeps, I would strongly recommend, if you haven't done so already, that you start looking at getting your liquid assets safe and out-of-reach of these demons. Because when they can't raise the required income from the 9 and 10 figure income people, they'll start to come after the 7 and 8 figure ones...and then the 6 figure ones (exempting themselves from the confiscations, of course).

And I would say the same about non-liquid assets as well (such as property).

I can't and won't offer suggestions on HOW specifically to do that, but the time to do it is before they start talking about the legislation, not after its been passed into law.

[DJ MacWoW]

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