Biden is set to propose higher taxes for the rich. Here's how they work.

ABC News ^ | 2/7/23 | ABC

[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."

[ifinnegan]

“The idea is to have a commitment to reducing inequality,”

Idiocy.

[hinckley buzzard]

Soak the Rich. Now there’s a new idea.

[sjmjax]

Anyone else suspect that they “cooked the books” regarding inflation and jobs just for his address?

[escapefromboston]

If you want to stop “income inequality” stop importing 3rd worlders who have literally nothing.

[escapefromboston]

Well they did it during the mid terms so it’s likely they did it again for SOTU.

[AlaskaErik]

If you’re a server making $2.13 an hour plus tips, you’re rich and the IRS will be targeting you.

[cgbg]

” sharp increase of a current tax on corporate stock buybacks”

The corporate stock buybacks wer an artifact of “free money” from the Federal Reserve.

Now that there are significant interest rates that party is over—classic .gov—”solve” yesterday’s problem that is not much an issue anymore.

[cowboyusa]

Rich equals Middle Class

[Governor Dinwiddie]

How is this going to help me? Is Biden going to balance the budget and cut my taxes? … I don't think so.

[Zhang Fei]

He wants to tax “unrealized gains”. That’s a wealth tax.

[Seruzawa]

Yep. The megawealthy will have all the usual escape 21stclauses.

[Seruzawa]

escape clauses.

[Fai Mao]

Or they will simply leave.

That is our plan.

[Texas resident]

Wont apply to dim politicians.

[BenLurkin]

Here’s a tbought. Rather than raise taxes, cut spending.

[babble-on]

Fresh and exciting policy twist

[BenLurkin]

Here’s a tbought. Rather than raise taxes, cut spending.

[babble-on]

Our grandchildren would appreciate it if we did both.

[Mouton]

FUJB