$100 million ISN’T a Billion.
New math?
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...
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.
“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!
” all of their income including unrealized investment income “
UNREALIZED - i.e. not reality.
Trying to tax what is not actual income.
IOW, Biden will propose a wealth tax which is unlikely to pass constitutional muster.
Bye bye billionaires.
“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.
Election ploy. Republicans should offer an amendment to tax only congresspersons but with a threshold of $1M
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?
Time for another Tea Party...
Jefferson is proven right, yet again.
Do I read this as tax preparer’s pay raise bill?
How will that bring down high gas and food prices? Or create jobs.