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Biden to propose minimum tax on billionaires as part of 2023 budget
Reuters via Yahoo ^ | March 26, 2022 | by Chris Gallagher

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 ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: bidenflation; brandon; gaslighting; heslyingagain; letsgobrandon; taxes
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To: Oldeconomybuyer

Bye bye billionaires.


21 posted on 03/26/2022 3:49:52 PM PDT by Ge0ffrey
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To: Gaffer

I think there is a lot the rats may shove through during the lame duck period this year if they lose one or both houses. It could be a real nightmare


22 posted on 03/26/2022 3:56:12 PM PDT by gibsonguy
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To: carriage_hill
$100 million ISN’T a Billion.

No, it's a shitload.

23 posted on 03/26/2022 4:01:12 PM PDT by Mr Ramsbotham ("God is a spirit, and man His means of walking on the earth.")
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To: gibsonguy

That’s possible, but I don’t think they’re ready to give up the fight just yet and start doing it. Maybe when their internals come in late summer showing beyond all doubt that they are going to lose both House and Senate. Then, they’ll start ramming that stuff through.


24 posted on 03/26/2022 4:02:03 PM PDT by Gaffer
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To: PIF

$10 mill ain’t bad...


25 posted on 03/26/2022 4:06:23 PM PDT by Carriage Hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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To: fhayek

And if the market tanks AFTER they pay the tax on ghd profit, do they get a refund?


26 posted on 03/26/2022 4:12:12 PM PDT by vikingd00d (chown -R us ~you/base)
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To: vikingd00d
And if the market tanks AFTER they pay the tax on ghd profit, do they get a refund?

Ha-ha! You funny!

27 posted on 03/26/2022 4:18:16 PM PDT by 17th Miss Regt
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To: Oldeconomybuyer

“Unrealized investment income” is not income; it’s just profit on paper that’s not income until sold. So assume you buy a stock at $50 and it goes to $100. What if you hold it for long term and it stays around $100 for years? Do you pay tax on a $50 “profit” every year? Then when you sell it you pay tax again? What if it goes to $20? Do you get a deduction? Can you claim a loss? This proposal is total BS Squaw Warren nonsense.


28 posted on 03/26/2022 4:21:11 PM PDT by snakechopper (The future's uncertain and the end is always near.)
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To: Oldeconomybuyer

Election ploy. Republicans should offer an amendment to tax only congresspersons but with a threshold of $1M


29 posted on 03/26/2022 4:22:32 PM PDT by ARW
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To: Oldeconomybuyer
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.

Greeeeaaaattttt. Now they want to tax profits you do not yet have.

And since a vast portion of the stock market is held by these billionares, they will dump stocks.

Which means my 401k will tank, and they will plow their money into real estate, further increasing rents and making homes more unattainable.

I swear, if you had one goal -- to destroy America -- what would you do different?

30 posted on 03/26/2022 4:24:57 PM PDT by Lazamataz (The forces of fascism and oppression are on the move in North America. We cannot let tyranny stand!)
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To: Oldeconomybuyer

Time for another Tea Party...

Jefferson is proven right, yet again.


31 posted on 03/26/2022 4:25:51 PM PDT by PubliusMM (RKBA; a matter of fact, not opinion. The Dhimmicraps are ALL Traitors. All of them.)
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To: taxcontrol

But the game is Bezos takes a yax free loan 9n the value of the stock and then uses it to pay for a yacht.

So he has use of the value the stocks with out selling them. That is why wealthy people often have lots of cash but little tax. When the loan comes due, take a long out on another portion of your assets and pay off the first.


32 posted on 03/26/2022 4:34:46 PM PDT by redgolum (If this is civilization, I will be the barbarian. )
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To: absalom01

North Carolina used to have an intangibles tax. As I recall it was about 1% or less on all amounts in bank accounts and brokerage accounts. This was to be paid every year. As I recall virtually nobody obeyed the stupid law and it was eventually declared unconstitutional. I think the same ruling would apply to this moronic idea.


33 posted on 03/26/2022 4:35:14 PM PDT by DeFault User
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To: DeFault User

The minimum tax and alternative minimum tax code are already in the system They just have to play with the numbers.


34 posted on 03/26/2022 4:41:11 PM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: absalom01

Hoping there’s a FReeper out ther who can explain how they would effectively tax unrealized capital gains.


All that information is a part of your annual investment reports. Very easy to document and add to the 1099.


35 posted on 03/26/2022 4:44:19 PM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: Oldeconomybuyer

Do I read this as tax preparer’s pay raise bill?


36 posted on 03/26/2022 4:46:53 PM PDT by depressed in 06
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To: Oldeconomybuyer

How will that bring down high gas and food prices? Or create jobs.


37 posted on 03/26/2022 4:50:51 PM PDT by tennmountainman ( Less Lindell CONS, More AZ Style Audits)
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To: Oldeconomybuyer

How hard would it be for Bezos to tank his stock on December 31 by selling more than market could bear and have straw buyer companies on buying side?


38 posted on 03/26/2022 5:36:13 PM PDT by Raycpa
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To: PeterPrinciple

Well, I get that part of it. The part I don’t understand is how one would be expected to come up with the tax payment without selling a portion of the holdings, which would then become subject to actual capital gains taxation. I don’t see how the net effect would not, rather quickly, destroy stocks as an investment.

And for other asset classes like real estate, it’s not really possible to calculate the unrealized gain until a property is actually sold.

Of course I’m assuming that all of the talk about “billionaires” is just window dressing, and that the real intention is to come after Mr. and Mrs. middle America, where the real money is. So yeah, Bill Gates could sell some stock every year and pay this tax without a problem. But the guy with a million bucks in a brokerage account might not so easily come up with an extra hundred grand every year.

It just seems completely nuts to me.


39 posted on 03/26/2022 5:46:00 PM PDT by absalom01 (You should do your duty in all things. You cannot do more, and you should never wish to do less.)
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To: fhayek

They propose taxing unrealized gains. This is a slippery slope. So you buy stock ABC and it goes up 25%, you have to pay 5 points of that gain. So you go into pocket, or you sell off 20% of your gain to pay the tax. Stock prices go down. I suppose it is not retroactive to very long term holdings.

Didn’t read to see if this includes art, real estate etc which are not as liquid as stocks and values fluctuate with broader economic conditions. What if you own a private enterprise? How is that valued? Or are those excluded?


40 posted on 03/26/2022 6:06:14 PM PDT by monkeyshine (live and let live is dead)
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