Posted on 03/26/2022 3:19:36 PM PDT by Oldeconomybuyer
WASHINGTON, March 26 (Reuters) - U.S. President Joe Biden will propose a minimum tax on billionaires as part of the fiscal 2023 budget that is expected to be unveiled on Monday, a document released by the White House showed.
Biden's "Billionaire Minimum Income Tax" would set a 20% minimum tax rate on households worth more than $100 million, in a plan that would mostly target the United States' more than 700 billionaires, according to a White House fact sheet released on Saturday.
The plan would require such households to pay the minimum tax of 20% on all of their income including unrealized investment income that is now untaxed, the fact sheet said.
Senate Democrats last autumn had proposed a billionaires tax to help pay for Biden's social and climate-change known as "Build Back Better" although the spending package did not move forward due to insufficient support.
(Excerpt) Read more at finance.yahoo.com ...
$100 million ISN’T a Billion.
New math?
Nanzi Pelosi won’t like this!
Uhm....that gets caught up by the AMT. So it’s not the true intent.
If you tax something, you get less of it. Taxing capital will cause it to flow elsewhere. Not the greatest of ideas, Mr Biden...
$100 million ISN’T a Billion.
—
It is after Biden gets his cut.
Hoping there’s a FReeper out ther who can explain how they would effectively tax unrealized capital gains.
Is the idea to force people to sell stocks in order to pay the tax? What about real estate? If the percieved value of your house goes up, are people meant to be on the hook to pay for those “gains” before they are realized in a sale?
Seriously, I don’t get it.
Millionaires put money into the economy...much more of a benefit than the government spending $900 for a toilet seat.
Yeah, the accountants are probably salivating over this. Every year you have to get an appraisal on your investment real estate and pay the “unrealized” gain? Shoot, with Bidenflation, they are really going to clean up in Washington.
You can’t tax unrealized gains, they don’t even exist until they are realized. That’s why they are called “unrealized”. This would crash every investment market that exists. Maybe that’s the goal. you want 20% of the profits in my long term stock portfolio? Where am i supposed to get that money from. Oh, sell my stocks. Yea, that wouldn’t affect the markets. So, do i get to write off my unrealized losses? or does this imaginary shit only go one way? Gee, I wonder.
“minimum tax of 20% on all of their income including unrealized investment income that is now untaxed,”
So if Elon Musk’s shares are worth 200 billion, he has to pay 40 billion? Never really know if that “unrealized investment income” means unrealized capital gains.
Call it the Billionaire Relocation Act - I wonder what tax haven will benefit the most.
Everyone needs to ask “if you wanted to destroy America, what would you do differently from Biden?” Absolutely nothing.
It’s over for brandon in 2023 when he loses congress.
Go Joe go! And take your clueless administration with you!
It’s an election ploy. He doesn’t have the power to enforce that by himself. Congress wouldn’t act on it before the mid-terms and Xiden and they think that the leftists will like it and vote Democrat. In the end, it will fade into the ether.
” all of their income including unrealized investment income “
UNREALIZED - i.e. not reality.
Trying to tax what is not actual income.
Exactly.
It appears to be nonsense, but it keeps coming up.
IOW, Biden will propose a wealth tax which is unlikely to pass constitutional muster.
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