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 ...
Lower highs and lower lows.
So if your stocks tank, does the government give you your money back?
Democrat voters are Dummycrats, that's why! Not that deplorable Republicans like McConnell and Romney are that much better.
Biden wants to tax more Medicare more
Great questions!
And how did Democrats not think of these things? They all can’t be morons.
When you tax the cooperation then it is is tax on everyone. Because they raise their prices. Or in some cases they shut down causing things to be unavailable and providing less supply, thereby causes prices to rise.
unrealized gains of liquid assets such as stocks.
I’ll be interested to see how you tax income that may not exist tomorrow, if ever.
Also, will insider trading by members of Congress be exempted?
$2T in tariffs, now that is a tax I could wholeheartedly support.
You are obviously correct but house not going to approve any tax increases
Joe, Joe and the Clown Show....
FJB...
speaking of medicare, I’m of the age where I had to sign up. I got an email this morning to see if I qualify for free internet. I’m trying to figure out how Medicare should pay for internet service.
Without reading the responses, I can guess that a lot of them will be about the greed and evil of the government and how they are trying to destroy the middle class. But remember, they would never lie to you about any pandemics, treatments or military conflicts going on in the world.
They are above reproach.
Not true. Under a flat tax, there are no deductions. That not the case now. If it were, there would be no need for 2652 pages in the Federal Tax Code.
The purpose of the 2652 pages of the tax code is to redirect resources from their natural employment to one that the gov’t approves. For politicians to bitch about the tax code is a joke since they wrote it in the first place. Actually, that may not be true now because more representatives don’t read the bills they vote on. Like Pelosi said: This legislation is so important we don’t need to read it before we pass it.
Business/corporate taxes are a tax on consumers, including the poor. While there is nothing wrong with poor people “paying their fair share”, poor people do not have the same tools for tax avoidance as the wealthy. It is time the entire tax code is scrapped and the IRS shuttered. A modified version on Neil Bortz’s Fair Tax should be implemented.
He knows that it’s unconstitutional to tax unrealized gains so he can pretend to be progressive with the pain of doing it.
Year 1 Goes up 10% pay tax, year 2 falls 20% no tax, year 3 goes up 10% more tax. Sounds like a plan.
“tax .... the unrealized gains of liquid assets such as stocks.”
That isn’t income and therefore it’s an unconstitutional takings.
BTW, the tax isn’t just on “high earners”. They want to tax the tips that waiters, Uber drivers, and barbers get. I don’t know of any waiters who make over $400,000 a year.
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