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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

The US GDP is ~$20 trillion so this is literally

“10% for the Big Guy”


61 posted on 03/08/2023 8:34:13 AM PST by grey_whiskers ( The opinions are solely those of the author and are subject to change without notice.)
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To: Red Badger

Does it means if your stock goes up, you will pay tax, but if then it crashes, what happens? You would pay taxes on losses?


62 posted on 03/08/2023 8:40:00 AM PST by AZJeep
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To: Skwor

And how does one easily get their money into a Moroccan bank account?

The US tracks all those transactions from banks that do participate.


63 posted on 03/08/2023 8:40:14 AM PST by for-q-clinton (Cancel Culture IS fascism...Let's start calling it that!)
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To: ChicagoConservative27

“Reduce the deficit by 2 trillion over a decade”

What they mean is the deficit, which will keep growing, will be two trillion dollars less than whatever it would be if all of the phony assumptions they make hold true over twn years and that no future congress would change spending or revenue in that time. Basically worthless.


64 posted on 03/08/2023 8:42:09 AM PST by jz638
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To: AZJeep

I seriously doubt that this provision will make it thru the Congress.

They all own stocks as well.................


65 posted on 03/08/2023 8:45:48 AM PST by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: for-q-clinton

Any and all money transferred before the bill becomes law is then untouchable by the IRS.

Not saying it is easy but when a person looks at loosing 20 milling to new taxes they will darn well find a way to protect most of that money

Ex Post Facto is not permitted under our constitution.


66 posted on 03/08/2023 8:49:34 AM PST by Skwor
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To: Red Badger
a 20 percent tax on income and the unrealized gains of liquid assets such as stocks.

Stocks are not liquid assets. They will have to sell off their stocks to pay the tax. So the stock price tanks. And there won't be any gains to tax. So the government crashes the stock market, destroys the wealth of the middle class, and gains no revenue. Brilliant.

67 posted on 03/08/2023 8:53:10 AM PST by henkster (He's got a day time job; he's doing all right)
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To: ChicagoConservative27

He’s only taxing the rich, dontcha know./s


68 posted on 03/08/2023 9:01:27 AM PST by Eleutheria5 (Every Goliath has his David. )
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To: Skwor

But they will see where the money went and then by law it is taxable regardless of where it sits.

The US has the worst tax laws/reach in the world. They even tax you if you earn money while working outside the country!


69 posted on 03/08/2023 9:01:53 AM PST by for-q-clinton (Cancel Culture IS fascism...Let's start calling it that!)
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To: ChicagoConservative27

Totally AWESOME!!
More work for high-priced tax attorneys and tax accountants, and their financial planner cousins./s
There will be winners and there will be losers.
This is truly sickening, but then most of us cynics expected lots of bad stuff from the sniffer-moron-without-a-leash.


70 posted on 03/08/2023 9:04:03 AM PST by Honest Nigerian
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To: for-q-clinton

Nope, you just do no report it and they can not verify you have not lost, given to charity or invested it in a way that it cannot be taxed. Regardless once the money is outside of reporting to the IRS they can not tax it in the past and cannot assess it for future taxes.

Only if you somehow move it to a reportable entity going forward can they get to it. Do you really think there are no tax havens these days?


71 posted on 03/08/2023 9:06:17 AM PST by Skwor
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To: ChicagoConservative27

Kevin had better say NO, “we are starting with massive budget cuts!”


72 posted on 03/08/2023 9:06:41 AM PST by Shady (The #JihadJunta: "We are now a nation of Men, Not of Laws. You are not as equal as we are...")
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To: 2banana

Problem, is, That’s OUR tax money.


73 posted on 03/08/2023 9:07:14 AM PST by Shady (The #JihadJunta: "We are now a nation of Men, Not of Laws. You are not as equal as we are...")
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To: kenmcg
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.

My theory is the the Ukrainians have the goods on Biden and Son

And are blackmailing the Bidens to keep the money flowing.

Seeing that Ukraine is corrupt.

And SloJo as VP and President the most corrupt.

74 posted on 03/08/2023 9:07:20 AM PST by spokeshave (Proud Boys, Angry Dads and Grumpy Grandads.)
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To: Skwor
Why do people continue to be so utterly foolish and naive?!

Add evil to the mix and you have it!

75 posted on 03/08/2023 9:08:37 AM PST by aMorePerfectUnion (Fraud vitiates everything. )
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To: ChicagoConservative27

THE RICH NEED TO PAY THEIR FAIR SHARE!

All caps to emulate Biden screaming angrily ...


76 posted on 03/08/2023 9:12:55 AM PST by TiGuy22
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To: Skwor

Oh I do know they can hide it, but the IRS can track it if they want to as well.

It just depends on if they want to target you or not. I mean the gov’t illegally wiretapped a President...do you really think they wouldn’t do the same to a normal citizen?


77 posted on 03/08/2023 9:13:59 AM PST by for-q-clinton (Cancel Culture IS fascism...Let's start calling it that!)
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To: Lockbox

Your comment (and perhaps the source of your information) is rather difficult to understand.
“only 19%”? Give me a break!!
Talk like that is why we are in such a mess. But most long-time FReepers already know that.


78 posted on 03/08/2023 9:14:45 AM PST by Honest Nigerian
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To: Red Badger
I seriously doubt that this provision will make it thru the Congress. They all own stocks as well.................

Insurance agents are allowed to have real estate holdings.

And no other business interests.

79 posted on 03/08/2023 9:18:22 AM PST by spokeshave (Proud Boys, Angry Dads and Grumpy Grandads.)
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To: Honest Nigerian
The effective rate on all income. Those at low incomes do not pay incomes taxes, those at higher incomes pay higher levels of tax. Also the wealthy can structure their earnings.

Warren Buffett's secretary since 1993, Debbie Bosanek, sat next to her boss just hours after being invited by the president to the State of the Union address, where the president made her the face of tax inequality in America.

Bosanek pays a tax rate of 35.8 percent of income, while Buffett pays a rate at 17.4 percent.

80 posted on 03/08/2023 9:20:32 AM PST by Lockbox (politicians, they all seemed like game show hosts to me.... Sting)
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