Posted on 02/07/2023 4:54:11 PM PST by MAGA2017
President Joe Biden on Tuesday is expected to tout the nation's economic health in his State of the Union Address, just days after a blockbuster jobs report showed a strong labor market has coincided with a monthslong easing of inflation.
Looking ahead, however, Biden is expected to propose solutions for what he considers an ongoing economic ill: income and wealth inequality.
The wealth of the top 1% increased by $6.5 trillion in 2021, according to a study the Federal Reserve released last year. That wealthiest sliver of Americans controls 32% of the country's wealth, the study found.
The Biden administration's agenda, set to be announced Tuesday night, includes two policy proposals: a new tax on billionaires and the sharp increase of a current tax on corporate stock buybacks.
"The idea is to have a commitment to reducing inequality," (LOL) Reuven Avi-Yonah, a law professor at the University of Michigan who focuses on corporate taxes, told ABC News. "There's no indication that the increase in inequality is stopping anytime soon and something should be done about it, so the Democrats say."
(Excerpt) Read more at msn.com ...
Tax stock buybacks and corporations will switch to periodic “special dividends” to stockholders in order to give excess cash to stockholders instead of attempting to increase the stock price through buybacks.
Taxation of unrealized capital gains is dead on arrival, just as taxation of carried interest has often been discussed during election season (Trump promised it in the 2016 campaign) but never is seriously considered by Congress.
“Pay your fair share” means “give us everything you have”.
They can’t comprehend that concept.
“The idea is to have a commitment to reducing inequality,”
It is not what they do or whether it is effective. It is their intent.
‘Yes! We screwed everything up, but we meant well.’ Democratic slogan
“The idea is to have a commitment to reducing inequality,”
It is not what they do or whether it is effective. It is their intent.
‘Yes! We screwed everything up, but we meant well.’ Democratic slogan
ABC is almost as bad as the AP when it comes to cheerleading the Biden regime.
Every time the D’s say they’re gonna raise grades on the rich, they steal more money, screw the working people.
a few decades ago, they went after the rich in England. This resulted in many ‘downton abbey’ type properties being abandoned from inability to pay the inflated taxes. These large properties were the chief employers and purchasers of goods of the local villages and the largest donors to churches, local charities, cultural activities and necessities such as local roads and bridges, libraries and medical clinics. Guess what happened to the villages?
All that ever does is produce trickle-down poverty.
Every.
Single.
Time.
‘Way back when I was but a wee lad, a wise man told me that the very rich do more good for the poor with the spending on luxuries than they do with their philanthropy.
I was puzzled ...
Then he told me the secret: JOBS
A direct tax on “unrealized gains” would need a constitutional amendment for the same reason Amendment XVI was created.
“tax “unrealized gains””
You buy an asset at $500. It goes to $1,000. You pay the tax on the $500 gain. The asset then goes to $250. What happens?
1. The government returns the tax you paid?
2. The government says “FU! Sorry Charlie, we got your money. Suck it.”
Hello, fellow billionaires!
Do you think they will have an exception for the $ billions laundered by politicians?
Absurd
To Democrats ‘’rich’’ is anybody with a job.
more taxes... never any spending cuts
“A key part of Biden’s new economic policy agenda is a billionaire’s tax, which would set a minimum tax for the wealthiest Americans, the White House said.
The Biden administration has offered scant details about the proposal, but it appears to closely resemble a policy that Biden put forward last March. At that time, he called for a tax rate of at least 20% on Americans who bring in at least $100 million per year.
The tax rate would apply both to income and unrealized gains, a measure of the value a person’s unsold investments have accumulated.”
can you imagine??
The latter part of the sentence tells you just why fedgov lied so hugely in their January jobs report.
That place is a real hole! ;-P
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