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Biden set to unveil more than $2 trillion in tax hikes in budget
The Hill ^ | 03-08-2023 | ALEXANDER BOLTON

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 ...


TOPICS: Breaking News; Business/Economy; Culture/Society; Government; News/Current Events; Politics/Elections
KEYWORDS: biden; hikes; tax; thiefinchief; trillion
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To: ChicagoConservative27

“array of tax increases on wealthy individuals and corporations”

Do you have a pulse? Do you do any work? Well, then, do I have good news for you! Joe says you are WEALTHY!


21 posted on 03/08/2023 7:26:31 AM PST by ProtectOurFreedom (There is lots of money and power in Green Communism and we all know where Communism ends.)
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To: ChicagoConservative27

With 10% going back into the big guy’s pockets no doubt.


22 posted on 03/08/2023 7:27:55 AM PST by Pajamajan ( PRAY FOR OUR NATION. Never be a peazceful slaveo in a\ new Socialist America)
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To: Dilbert San Diego

What is I have an art, coin, stamp, car or other collection that gains in ‘value’ over the years?...............


23 posted on 03/08/2023 7:27:56 AM PST by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: Red Badger

“unrealized gains of liquid assets such as stocks.”

We all know why that is unworkable. Suppose your asset doubles and you pay a HUGE tax on that phantom gain. Then the asset goes underwater and you have ZERO net gain but the GD government still has your tax money.

Does the government refund you the tax you paid on that phantom gain?


24 posted on 03/08/2023 7:28:45 AM PST by ProtectOurFreedom (There is lots of money and power in Green Communism and we all know where Communism ends.)
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To: Reily
The Middle Class

Speaks to my second point; corporate taxes are paid by corporate customers, most of whom are "middle class".

The marxists aren't stupid, they're evil.

25 posted on 03/08/2023 7:29:14 AM PST by NorthMountain (... the right of the peopIe to keep and bear arms shall not be infringed)
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To: ChicagoConservative27

Tax hikes have already been implemented by the Biden administration, and they’ve been hurting the American people for the last 2 years.

Inflation is a tax hike, indirectly.

When people have to pay more for everything they buy, the seller or service owner has to collect taxes on the higher prices being paid. So, the consumer not only is paying for the higher prices of goods and services, but they also are paying higher amounts for the taxes collected. . Everybody is affected by the higher prices and higher taxes; poor, well-off and rich.

When prices go up from inflation, salaries also go up, and business owners will be passing on those higher costs to their customers, which means, everybody.

And, the BS that Biden and democrats talk about, that being that, nobody below $400,000 income will be affected by the new taxes, is that BS and everybody will be affected and will be paying those higher taxes, one way or another. There is no way that the little guy wont be affected by new higher taxes,since, whatever the taxes, they will end up getting passed on to all consumers via the higher prices for goods and services.

And, when you take money away from the investment class or the rich, there will be less money available for them to invest, which means fewer jobs across the economy.

Socialists have no idea about how their decisions affect the economy and everybody in it.


26 posted on 03/08/2023 7:29:23 AM PST by adorno
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To: ChicagoConservative27

Tax and spend.


27 posted on 03/08/2023 7:30:34 AM PST by Starboard
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To: ChicagoConservative27

Bovine excrement. Take it out of what you plan to send to Ukraine before you demand another dime from me.


28 posted on 03/08/2023 7:31:04 AM PST by bk1000 (Banned from Breitbart)
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To: ChicagoConservative27
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.

This is a pernicious and evil initiative that will crater the stock market.

29 posted on 03/08/2023 7:31:18 AM PST by Lazamataz (The firearms I own today, are the firearms I will die with. How I die will be up to them.)
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To: ChicagoConservative27

Do politicians ever consider that lower spending also cuts the deficit? How much sense does it make to increase taxes on the wealthy? They create jobs and expand economic growth and enhance opportunity. The top 10% income earners pay 72% of total IRS collections while the bottom 51% pay no Federal taxes. I favor a flat tax of 17% on everyone. The Tax Code would be reduced to 1 sentence: Add up your income and send 17% to the IRS. You could file your return on a postcard.


30 posted on 03/08/2023 7:32:04 AM PST by econjack
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To: Skwor
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.

Don't forget, if you leave the US by just moving, you still have to pay income tax, although you still have a deduction of something like 85K for living abroad.

If you renounce your citizenship, you have to pay a mark to market capital gains exit tax, which might be quite high, althought it's a one time hit to wealth.

AFAIK, these are INCOME tax proposals. Although, a wealth tax proposal wouldn't surprise me. Lizzy Warren is on record as wanting one.

31 posted on 03/08/2023 7:33:20 AM PST by Pearls Before Swine
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To: Skwor

What a moron

************

The “moron” is systematically dismantling this once great country. Just saying.


32 posted on 03/08/2023 7:33:37 AM PST by Starboard
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To: Starboard

No his handlers are.


33 posted on 03/08/2023 7:34:16 AM PST by Skwor
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To: Lazamataz

The operative word is proposed

The President knows very well that there is Congressional grid lock and he that can do nothing about it. He makes press releases in attempt to be doing something.


34 posted on 03/08/2023 7:34:22 AM PST by bert ( (KWE. NP. N.C. +12) Juneteenth is inequality day )
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To: PeterPrinciple

I lost $300K last year on paper liquid assets. So I get to write that off?


35 posted on 03/08/2023 7:36:03 AM PST by blackdog ((Z28.310) Forget "Global Warming", new grants are for "Galaxy Dimming")
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To: ProtectOurFreedom
"...unrealized gains of liquid assets such as stocks."

What's more is that once you actually do sell and realize some sort of gain, what portion of that gain would be taxable? All of it (again!)? Some of it? How would that be calculated?

This budget idea is so bad, the document should just be marked as 'dead on arrival'... it needs to be cremated immediately.

36 posted on 03/08/2023 7:37:18 AM PST by alancarp (George Orwell was an optimist.)
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To: econjack

“The Tax Code would be reduced to 1 sentence: Add up your income and send 17% to the IRS. You could file your return on a postcard.”

*************

Simplicity is the enemy of government. The more complicated the better it is for them and the empires they create. The more red tape, taxes and regulations, the more they can control us. The point is to make the system work for them.


37 posted on 03/08/2023 7:37:49 AM PST by Starboard
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To: econjack

Add up your income and send 17% to the IRS. You could file your return on a postcard.


That is already in the tax code. It is called alternative minimum tax. AMT


38 posted on 03/08/2023 7:39:40 AM PST by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: ChicagoConservative27; All
Thank you for referencing that article ChicagoConservative27.

"Biden set to unveil more than $2 trillion in tax hikes in budget"


FR: Never Accept the Premise of Your Opponent’s Argument

What's worse? Puppet Biden's more than $2 trillion in tax hikes, or "power of the purse," House majority so-called "MAGA Republicans" who don't seem to be speaking up about unconstitutional federal taxes, taxes that the very corrupt, post-17th Amendment ratification Congress cannot reasonably justify under its constitutional Article I, Section 8-limited powers?

Trump's primarying of state and federal RINOs in 2022 was hopefully just for practice. Trump needs to do another round of primaryiing RINOs in 2024 imo.

Patriots, the bottom line is this imo. What is your threshold of “pain” for peacefully stopping unconstitutionally big state and federal governments controlled by bully, constitutionally undefined political parties, from oppressing the people under their boots?

The inevitable remedy for ongoing, post-17A ratification, corrupt political party treason (imo)...

All MAGA patriots need to wake up their RINO federal and state lawmakers by making the following clear to them.

If they don’t publicly support either a resolution, or a Constitutional Convention, to effectively "secede" ALL the states from the unconstitutionally big federal government by amending the Constitution to repeal the 16th (direct taxes) and 17th (popular voting for federal senators) Amendments (16&17A), doing so before the primary elections in 2024, that YOU will primary them.

If the proposed amendment was limited strictly to repealing 16&17A, relatively little or ideally no discussion would be needed before ratification of the amendment imo.

With 16&17A out of the way, my hope is that Trump 47 becomes the FIRST president of a truly constitutionally limited power federal government.

In the meanwhile, I'm not holding my breath for significant MAGA legislation to appear in the first 100 days of new term for what may still prove to be another RINO-controlled House.

Again, Trump will hopefully do another round of primarying RINOs for 2024 elections.

39 posted on 03/08/2023 7:39:58 AM PST by Amendment10
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To: ChicagoConservative27

Since wait-staff and anyone with more than $600 has been redefined as rich . . . guess what?


40 posted on 03/08/2023 7:40:16 AM PST by fella ("As it was before Noah so shall it be again," )
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