Posted on 04/04/2022 5:04:55 AM PDT by Kaslin
resident Joe Biden is likely staring these days at the rising budget deficit along with his desire to spend far more money than the US Treasury has in its coffers. He must also notice his sinking poll numbers and dim prospects for his party in the November midterm elections. In response he has proposed a wealth tax on the uber rich.
The White House calls it the “billionaire minimum income tax” which is neither limited to billionaires nor is a tax on income. Anyone with a basic understanding of economics may call it instead an “economic malpractice tax”.
As the Wall Street Journal notes, “It’s a new tax on Americans with $100 million or more in assets whose effective tax rate in any year is less than 20% of their income.” Biden is off by an order of magnitude on the billionaire description, like calling someone with $100,000 in net worth a millionaire.
YouTube screen grab
The other fraudulent part is calling it an income tax when it is instead a wealth tax. Per the WSJ, “The 20% minimum tax rate would apply both to ordinary income and the increase in the value of assets in a given year.” An appreciated asset is not considered income until it is sold.
If business owners or entrepreneurs grow their assets through hard work, reinvestment, or just good luck, all they have are unrealized gains, taxable when those gains are realized by selling the asset. And if the asset value rose quickly, it could just as easily fall quickly, perhaps after the IRS collects its tax. Would the IRS then refund the tax if the asset suddenly loses value? No way.
(Excerpt) Read more at americanthinker.com ...
Good for him. We definitely need him on our side.
Let me understand this? It’s an additional income tax on people with wealth over $100M but it is not a wealth tax? These people are lunatics!!!!!
You forget we have plenty of traitors on our side. Nothing would surprise me. Pathetic bunch of scumbags.
.
I’m beginning to think the USA citizenry and its thought leaders (I’m looking at you, Tickety Tock, and at you, the public skrools) is too dumb to survive.
Our economy is struggling. I know, let’s make it more difficult to raise capital and stymie investment and tank the values of everyone’s investments.
And when the dastardly gazillionaires have to sell stock to pay taxes, well, we all know that when you need to sell something and lots of people also need to sell the same somethings, prices go way up! right? Oops. Surely this can’t impact my own IRA for retirement, can it? I can trust Big Govt to take care of me with its exceedingly prudent fiscal management and our well-funded Social Security, right?
Proposing something radical always makes something less worse palatable
Biden’s wealth tax drives money off shore bugs Biden strikes again.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.