Posted on 10/27/2021 5:42:24 AM PDT by Blood of Tyrants
Home | Politics Tags: Joe Biden | congress | budget | billionaire tax | biden Democrats Unveil Billionaires' Tax as Biden Plan Takes Shape ron wyden speaks to press Sen. Ron Wyden, D-Ore., speaks to reporters about a corporate minimum tax plan at the U.S. Capitol Oct. 26, 2021, in Washington, D.C. (Drew Angerer/Getty Images)
Wednesday, 27 October 2021 07:58 AM
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Pushing past skeptics, Senate Democrats on Wednesday unveiled a new billionaires’ tax proposal, an entirely new entry in the tax code designed to help pay for President Joe Biden’s sweeping domestic policy package and edge his party closer to an overall agreement.
The proposed tax would hit the gains of those with more than $1 billion in assets or incomes of more than $100 million a year, and it could begin to shore up the big social services and climate change plan Biden is racing to finish before departing this week for global summits.
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It would require those with assets of more than $1 billion, or three consecutive years of income of $100 million, to pay taxes on the gains of stocks and other tradeable assets, rather than waiting until holdings are sold.
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Manchin’s resistance may scuttle one other tax idea — a plan to give the IRS more resources to go after tax scofflaws.
(Excerpt) Read more at newsmax.com ...
The "scofflaws" that the DemocRats want to go after are you because you didn't report that $600 you made when you sold your used living room suite.
A Constitutional amendment was needed for the income tax. You’re telling me a tax on unrealized capital gains can be passed through reconciliation?
Mark my words, this new tax will be applied to everyone with an investment account within 20 years.
Wait till they start in with the unrealized gains tax. If the value of my house rises, I have to pay tax on that gain even if I didn’t sell it. This is in addition to leaving the house to my kids where the government also takes a cut.
How much more of this bullcrap are we going to have to withstand before the nation has a massive national protest and rebellion? We had brainwashed dweebs doing it against Trump but we can’t do the same against this idiot Biden?
For wealthy people who are dumb enough to keep their money and holdings in the United States, unlike the billionaires who bankroll the Democrats and who keep their money and themselves in the U.S. to a bare minimum.
Yep. They will want “their” portion of your 401k or IRA before you ever draw the first dime out.
“...pay taxes on the gains of stocks and other tradeable assets, rather than waiting until holdings are sold.”
Ridiculous. You can have gains this month and losses next month. Do you then get tax credits for losses after you’ve already paid for gains?
More BS.
If Deep State really wanted to stick it to themselves, they’d pass a confiscatory wealth tax.
And Deep State isn’t doing that, is it.
This is just more Kabuki theater.
” Do you then get tax credits for losses after you’ve already paid for gains?”
LOL! You’re kidding, right?
Coming soon: Thousand-aires Tax.
Yep, they’ve got their sights set on your yard sale proceeds.
And I suspect they want some type levy on your IRA account too. After all, some folks haven’t been as fortunate and thrifty... and it’s just not fair.
Don’t be fooled: Democrats wouldn’t do this to their best friends. The effect of such an announcement is simply to boost interest in offshore banking.
Democrat politicians love to vacation in the Caymans, Bermuda, etc., where (for instance in Bermuda) signed photographs of these “famous Americans” line the walls of restaurants for decades.
Michael Bloomberg keeps a lavish estate in Bermuda, for instance, walled off. His interest, of course, in Bermuda, is the banks.
The wealthiest Americans are sometimes loath to head for the Gulch, and they must do so through layers of holding companies and beneficial owners, but when they take it, it means plane-loads of cash for the Democrats’ banker friends, to whom favors are always due.
“The proposed tax would hit the gains of those with more than $1 billion in assets or incomes of more than $100 million a year,”
It’s the way they always get the camel’s nose into the tent. It won’t affect you, just the filthy rich.
And before you know it the $100 million will become the $100 thousands and you’ll be paying that tax, too.
Once the idea is institutionalized you never get rid of it.
I know that Musk has already turned on the Rats, I wonder how long it will be before Bezos, Gates, Buffet will do the same.
Yes, moron democrats. Expect large outflows of capital and immediate expatriation of wealthy people.
Yep, the income tax started off at 1% of income over $8000 and 6% over $500,000.
Stealing from our 401k’s. Who is more intense when it comes to protecting or confiscation? I wonder just how much we’re willing to stand up for ourselves. You got it I don’t. Therefore you have to give me half of yours. Sounds fair.
Every few months I take about $600 out of the bank so I’ll have cash for groceries and gas etc Last April I got a double lot in case the banks failed
But you can’t move urealized assets offshore.
I’m not a financial advisor, not do I have enough money to be concerned about this, but wouldn’t it be relatively easy to create ways to work around this?
How long before the word "tradeable" is dropped?
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