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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

I saw a video of Robert T. Kiyosaki talking about taxing the Super rich, the billionaires, and getting them to pay their fair share.

“The super wealthy billionaires don’t have jobs, they have cash flow, and you can’t tax cash flow. So when ever I hear a politician talk about we’re going to tax the rich and get them to pay their fair share. I say good luck with that.”


41 posted on 03/08/2023 7:41:07 AM PST by Beave Meister (Leave the gun. Take the cannoli....)
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To: ChicagoConservative27

Well, that should help the economy /s


42 posted on 03/08/2023 7:42:29 AM PST by CottonBall (“Fascism should be called corporatism because it is a merger of state & corporate power" - Mussolini)
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To: Skwor

People who ‘systematically’ break things are not morons.

Biden is cognitively struggling for sure, but he’s been in Washington forever and understands quite well how his policies are effecting the country.


43 posted on 03/08/2023 7:43:23 AM PST by Starboard
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To: Skwor

US Citizens can’t escape the IRS. You have to renounce your citizenship.


44 posted on 03/08/2023 7:45:27 AM PST by for-q-clinton (Cancel Culture IS fascism...Let's start calling it that!)
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To: Red Badger

Taxing unrealized gains is ludicrous. Will they give tax returns for unrealized losses?


45 posted on 03/08/2023 7:48:05 AM PST by Rusty0604 (Desperately looking for new conspiracy theories as all the old ones have come true)
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To: ChicagoConservative27

But only for those making over $400k/year . . . . (do I really need the /s)


46 posted on 03/08/2023 7:49:03 AM PST by mykroar (what is extraordinarily important is this—who will count the votes, and how. - J0eStalin)
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To: NorthMountain

And they can always change the definition of “wealthy”.


47 posted on 03/08/2023 7:49:13 AM PST by Rusty0604 (Desperately looking for new conspiracy theories as all the old ones have come true)
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To: Rusty0604
Define "wealthy" down far enough, and you get into people who really can't resort to clever, but thoroughly legal, manipulations of the tax code.
48 posted on 03/08/2023 7:52:26 AM PST by NorthMountain (... the right of the peopIe to keep and bear arms shall not be infringed)
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To: for-q-clinton

The IRS cannot do anything about monies in many foreign accounts without that governments consent, citizen or not.

They can only tax someone on what they have access to. If you think people with that level of wealth cannot invest in ways untouchable by the IRS you are somewhat mistaken.

To date their is no tax for “existing” but I will concede that may come.


49 posted on 03/08/2023 7:52:30 AM PST by Skwor
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To: ChicagoConservative27
“by making the wealthy and big corporations begin to pay their fair share.”

Dems have been using that ole canard for decades.

Exactly how much is "their fair share"? Dems would be happy for it to be 100%.


50 posted on 03/08/2023 7:52:50 AM PST by TomGuy
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To: kenmcg

It’s all political.


51 posted on 03/08/2023 7:52:58 AM PST by Rusty0604 (Desperately looking for new conspiracy theories as all the old ones have come true)
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To: ChicagoConservative27

In 10 years, a 200k income will be 400k given this inflation.


52 posted on 03/08/2023 7:54:19 AM PST by xzins (Retired US Army chaplain. Support our troops by praying for their victory. )
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To: ChicagoConservative27

John Kerry want the us to spend 3 trillion a year on climate change, the gross taxes In The country are around d 3 tri,lion or so according to Newsmax show this morning.


53 posted on 03/08/2023 7:55:32 AM PST by Bob434
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To: NorthMountain

Even people that have owned a home for years that has increased in value.


54 posted on 03/08/2023 7:56:51 AM PST by Rusty0604 (Desperately looking for new conspiracy theories as all the old ones have come true)
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To: Skwor

If it’s enough money the IRS will and can go after them very easily. Most countries to work with the US. That’s why we give so much foreign aid. Even Switzerland has changed their banking laws to allow the IRS access to their accounts.

Big Brother can and will get you if they want to. It’s a big risk for them.

It’s better to just kill the these stupid tax the rich/wealthy only. Atlas Shrugged is more true today than ever.


55 posted on 03/08/2023 7:58:00 AM PST by for-q-clinton (Cancel Culture IS fascism...Let's start calling it that!)
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To: ChicagoConservative27

Dim translation of wealthy: Middle class.


56 posted on 03/08/2023 8:11:40 AM PST by Ingtar
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To: for-q-clinton

Not as easy as you think. Current least of over 90 countries not on FATCA and Morocco does not report and will not.

https://best-citizenships.com/2019/12/06/non-fatca-countries/


57 posted on 03/08/2023 8:12:16 AM PST by Skwor
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To: Red Badger

Wall Street and specifically the big banks have perfected the perfect crime and its the most lucrative scam in history.

They inflate the market with rigged instruments that only they understand, they get early information to maximize returns, and the bigwigs get massive bonuses based on their returns. “We” (the American people) even give them free money to create the bubble (quantitative easing).

When the bubble(s) inevitably bursts, “we” bail them out because they are “too big to fail”. Rinse and repeat.

What a racket. The little guy gets screwed at every turn since we are forced to play their game.

Remember.... nobody went to jail for the 2008 housing crisis that was a government supported FRAUD. Nobody. Why? Because they wanted equity in home ownership (politicians) and the executives wanted their bonuses (bubble returns).

We still live with the damage and this administration is now playing the same fraudulent game but this time it is not with real estate - it is with the currency.

What could go wrong? Why can’t the American people see that the only people who benefit from the boom-bust bubble cycle are the banksters and politicians?


58 posted on 03/08/2023 8:15:08 AM PST by volunbeer (We are living 2nd Thessalonians)
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To: ChicagoConservative27

“by making the wealthy and big corporations begin to pay their fair share.”

Economically the left only knows one tune. They don’t know how to grow wealth only how to redistribute it. Let’s hope this monotonous message continues to wear thin.


59 posted on 03/08/2023 8:23:35 AM PST by bluescape (Mainstream Media-The guard dog that holds you down while the attacker has his way.)
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To: ChicagoConservative27

I Watched a video by an economist who showed via graphed going back to WWII that basically the US Government has only taken in an average of 19% of the income year to year. Tax increases due not yield more revenue, people figure out how to Shelter their income from taxes. So Joe, not going to solve the problem, kind of like an Alcoholic demanding more booze, doesn’t end well.....


60 posted on 03/08/2023 8:29:19 AM PST by Lockbox (politicians, they all seemed like game show hosts to me.... Sting)
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