Posted on 03/26/2022 4:51:22 PM PDT by ChicagoConservative27
The Biden Administration is poised to announce a new tax on the wealthy that could send Elon Musk into orbit.
Biden’s “Billionaire Minimum Income Tax” proposal would set a 20 percent tax rate floor on Americans worth more than $100 million — hitting not only their stated income, but also their unrealized gains on stock holdings and other forms of wealth.
(Excerpt) Read more at nypost.com ...
Unconstitutional.
So he’ll be taxing himself, Pelosi and Hunter?
Cant tax gains that do not exist.
I mean actualized.
I wonder if search still works, nah probably not
Meaning the plan is per usual. First put the tax in place, then consecutively lower the rate till they get to the real money the middle class has.
Normally I would be against it, but screw them. The billionaires of this country overwhelmingly support these Leftists.
Presidents do not have the power to tax. He can urge the House to initiate his tax ideas but it must pass the Senate first. More taxes in a election year will not help Democrats unless they think voters in general hate the rich as much as they do.
The Richest stay that way because they put their $$$ into tax free Educational and Charitable Foundations, thereby reducing their taxable income to less than their secretary pays... at least that is what Warren Buffett told Bill Gates to do.
They can tax income. Property or the value of stock options are not income.
And, if you can tax a gain, then you can deduct a loss.
Taxing unrealized gains is complete bullsnot. It’ll destroy the economy.
Many Democrats have been talking about a "wealth tax" for years. Elizabeth Warren specifically, also A-O-C. If they want to tax unrealized gains, they certainly can legislate it.
I've always assumed they haven't done it because so much of the Democrat party's funding comes from the ultra rich, and they don't want to endanger that.
Zero chance it will pass Congress, just a campaign item to rev up the progressive faithful.
“And, if you can tax a gain, then you can deduct a loss.”
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And if the unrealized gain that was taxed vanishes (e.g., the high-flying stock that the unrealized gain was based upon plunges in value) into thin air without being realized? Does the tax that was taken get refunded to the poor Schmuck who didn’t sell at the stock’s peak when it was taxed?
Enquiring minds want to know.🤷♂️🤷♂️
What about handing out refunds for unrealized losses?
Wow, beat me by one second!
How are these types of confiscatory tax schemes any different than what Communists do? Oh I get it democrats are Communists. Check out the history of Stalin to see what comes next.
You seem to be laboring under the delusion that the United States government operates under the Rule of Law.
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