Posted on 01/19/2022 12:31:32 PM PST by Oldeconomybuyer
Pushing past skeptics, Senate Democrats on Wednesday unveiled a new billionaires’ tax proposal, an entirely new entry in the tax code designed to help pay for President Joe Biden’s sweeping domestic policy package and edge his party closer to an overall agreement.
The proposed tax would hit the gains of those with more than $1 billion in assets or incomes of more than $100 million a year, and it could begin to shore up the big social services and climate change plan Biden is racing to finish before departing this week for global summits.
The new billionaires' proposal, coupled with a new 15% corporate minimum tax, would provide alternative revenue sources that Biden needs to win over one key Democrat, Sen. Kyrsten Sinema of Arizona, who had rejected the party's earlier idea of reversing the Trump-era tax breaks on corporations and the wealthy to raise revenue.
Biden met late Tuesday evening with Sinema and another Democratic holdout, Sen. Joe Manchin of West Virginia, at the White House.
“No senator wants to stand up and say, ‘Gee, I think it’s just fine for billionaires to pay little or no taxes for years on end,’” said Democratic Sen. Ron Wyden of Oregon, chairman of the Senate Finance Committee, helming the new effort.
(Excerpt) Read more at france24.com ...
Plunder. Pure and simple. Envy, covetousness and theft.
Bill Wittle nailed this issue ten years ago on youtube:
“Eat the rich”
https://www.youtube.com/watch?v=661pi6K-8WQ
How about just stop the wasteful spending and tighten the belt?! How about doing budgeting like most businesses do not calling “cuts” in the “growth of the budget” budget cuts! DC is a cesspool and needs to be cut way back.
Are you realistically going to collect any tax on this stuff from those indiviudals, or is the middle class going to end up paying, as usual.
If they really want a billionaires tax, the bill in its totality should be no more than 2 pages. Not 2,000 pages.
We’ll follow your lead Demmies.
This is a bad proposal BUT BUT BUT to give the Democrats some credit this is the first time they are actually proposing to tax the rich (people with wealth) instead of the people trying to get rich (people who earn a high income, maybe in just one year).
THE reason the billionaires collectively finance the Democratic party is because they knew (until recently) that “tax the rich” did not apply to them. It only affected people trying to become like them.
Now Dems are proposing to cook their golden goose and I am all in favor of the Democrats making this part of their platform.
Do not interrupt your enemy when he is making a mistake.
I believe this proposal is what sank Elizabeth Warren, and it will sink the rest of them too.
They WILL NOT tax their strongest supporters - mark my words. Even if something passes, it will have enough loopholes to keep the uber-rich from whining. They simply CANNOT afford to anger those people.
Democrats. Tax. Hmmm, whodathunk?
Ahh, the “Shelter US dollars in foreign banks act”
Let’s TRY to tax the people who can afford the best CPAs, and tax lawyers who can find loopholes, and/or figure out ways to offshore profits in a way that avoids those taxes, etc.
Just stupid. All curtains, no windows.
When inflation pushes everyone into the maximum tax brackets, the kleptocrats will be happy.
Define asset. How do you value an asset for the purposes of taxations.
They may also want to tax things that are owned. This would require the government to know what people own and then assess them for purposes of taxation. They’d have to look in your safes, safe-deposit boxes, your home for valuable objects. No wonder they want 10s of thousands of new IRS agents.
A few years back the dems proposed the idea of taxing homeowners for the money they saved by not paying rent.
More democrat looting...
Most billionaires back the Demotards. Let ‘‘em enjoy the new taxes.
They want to tax unrealized capital gains.
The target is not really billionaires. They want joe Sixpack’s 401k. That’s where the real money is.
Ok, you think my stock in Spacex is worth $500B and you want $15B a year in tax. Fine I will sell it all. Now! Funny, turns out its now worthless, and I have a huge real loss wiping out all the taxes I would ever have to pay for the rest of my life. We good now?
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