Posted on 03/08/2023 7:08:56 AM PST by ChicagoConservative27
President Biden is set to formally propose an array of tax increases on wealthy individuals and corporations in a budget plan that he says will reduce the deficit by $2 trillion over the next decade, setting up a battle royal with Republicans on Capitol Hill.
Biden told lawmakers during his State of the Union address last month that his budget will lower the deficit and extend the solvency of the Medicare Trust Fund “by making the wealthy and big corporations begin to pay their fair share.”
The White House on Tuesday unveiled a proposal to raise the Medicare surtax on earned and unearned income above $400,000 from 3.8 percent to 5 percent.
Late last month, the president proposed a new tax on wealthy households that would require individuals and families worth more than $100 million to pay a 20 percent tax on income and the unrealized gains of liquid assets such as stocks.
(Excerpt) Read more at thehill.com ...
BTTT
What a moron, literally anyone with more than 100 million in wealth will just move their money and residence outside the USA, they will never pay a single cent in that tax.
Why do people continue to be so utterly foolish and naive?!
How about taxes on bribes from foriegn countries?
Wall Street will love that!.......................
This doesn't end well. Unless you're out of equities for a while and waiting for a good time to buy back in.
Every day ... more lies.
Wealthy individuals find clever ways to dodge taxes.
Corporations don't pay taxes, their customers pay taxes.
What a complete crock. Now they’re crying about the deficit in Medicare and SS. We have billions and billions of money for foreign countries that hate us, yet there is nothing left for American citizens on Medicare and SS. Its time to look at the kickbacks the politicians are getting with all this mooney going out.
Fundamental Economics:
What the government taxes, shrinks.
What the government funds, grows.
Even Keynes knew that.
Tax business and wealth, they will shrink.
Fund indolence and division, they will grow.
pay a 20 percent tax on income and the unrealized gains of liquid assets such as stocks.
They never see the complete picture.
I’m confident that Brandon’s new budget will make it illegal for corporations to pass their higher tax burden along to consumers. That way no one making under $400K will have to pay more taxes, as they promised. /s
Besides there aren’t enough of the wealthy to make the numbers they want! Like what Willie Sutton said -” you go where the money is!” The Middle Class individually they don’t compare to the wealthy, but they make that up in numbers! Besides its more fun for a leftist to torment the middle class!
You could confiscate the wealth of all the wealthy and it wouldn’t satisfy the iron dreams of the socialists\progressives\communists\Rats!
Now the democrats can batter republicans for saying no. That’s all this useless government does—play games.
this is a prelude to taxing everyone but the rich.
Why doesn’t the dumb bass turd in Da White Hut do the same thing to the national debt he did to the deadbeat student loans. Just cancel it like it never existed. “Cancel” it bigmouth! You and your freak show are the economic “experts” in the world. CANCEL IT NOW!!! NO NEW TAXES. We don’t want the same sh*t happening the last time a government tried to disarm Americans and raise their taxes. Comprende amigo?
Can I ask a stupid question about these unrealized gains?
So you have investments , and you have a gain on paper, but you don’t have actual cash on hand from the assets.
Isn’t it quite possible that some people might have to sell or liquidate the Assets, in order to pay the taxes due on an unrealized gain?
My other stupid question regarding unrealized gains, is what if you have an unrealized gain one year, but then you’re stock or other investment goes down in value the next year?
You may have paid taxes in the first year because you had an unrealized gain, but then do you get a tax refund in Year 2, for an unrealized loss?
I can see this provision of tax law causing lots of complications.
It's "Battle Royale", not "Battle Royal".
That's what you get for relying on spellcheck instead of literacy. Oh wait, never mind...
And you know what? We’ll still have a deficit afterward because spending still will increase at a faster pace than the tax revenue.
Hey Brandon, how about defining, with a real number, “fair share”?
You just get an ‘unrealized screwing’.................
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