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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: spokeshave
Dow down another 125 points now.

Lower highs and lower lows.

81 posted on 03/08/2023 9:21:11 AM PST by spokeshave (Proud Boys, Angry Dads and Grumpy Grandads.)
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To: ChicagoConservative27
Another DOA budget meant to provide a talking point that Republicans are not serious about debt reduction.

YAWN.
82 posted on 03/08/2023 9:25:21 AM PST by Antoninus (Republicans are all honorable men.)
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To: Red Badger
pay a 20 percent tax on income and the unrealized gains of liquid assets such as stocks.

So if your stocks tank, does the government give you your money back?

83 posted on 03/08/2023 9:31:16 AM PST by Sirius Lee (They intend to murder us. Prep if you want to live and live like you are prepping for eternal life)
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To: Skwor
“Why do people continue to be so utterly foolish and naive?!“

Democrat voters are Dummycrats, that's why! Not that deplorable Republicans like McConnell and Romney are that much better.

84 posted on 03/08/2023 9:33:28 AM PST by Chgogal (Welcome to Fuhrer Biden's Weaponized Fascist Banana Republic! It's the road to hell..)
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To: Antoninus

Biden wants to tax more Medicare more


85 posted on 03/08/2023 10:00:55 AM PST by Nifster ( I see puppy dogs in the clouds )
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To: Dilbert San Diego

Great questions!

And how did Democrats not think of these things? They all can’t be morons.


86 posted on 03/08/2023 10:09:49 AM PST by CottonBall (“Fascism should be called corporatism because it is a merger of state & corporate power" - Mussolini)
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To: ChicagoConservative27
“I spent all our debt ceiling on Ukraine, nonsense, and have plans to give away student loans, now we need to raise taxes for critical stuff. Come on man!”
87 posted on 03/08/2023 10:14:44 AM PST by Vision (Woke is communism and it has no place in America. Election Reform Now! Obama is an evildoer.)
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To: ChicagoConservative27

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.


88 posted on 03/08/2023 11:21:54 AM PST by Revel
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To: nopardons

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?


89 posted on 03/08/2023 11:44:23 AM PST by allwrong57
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To: ChicagoConservative27

$2T in tariffs, now that is a tax I could wholeheartedly support.


90 posted on 03/08/2023 11:47:22 AM PST by central_va (I won't be reconstructed and I do not give a damn...)
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To: Skwor

You are obviously correct but house not going to approve any tax increases


91 posted on 03/08/2023 11:55:54 AM PST by genghis (Cathinkngact only reason go after puthan 5nu0 inbbiedComlpln)
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To: ChicagoConservative27

Joe, Joe and the Clown Show....
FJB...


92 posted on 03/08/2023 12:07:28 PM PST by lgjhn23 ("On the 8th day, Satan created the progressive liberal to destroy all the good that God created...")
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To: ChicagoConservative27

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.


93 posted on 03/08/2023 12:25:19 PM PST by allwrong57
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To: ChicagoConservative27

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.


94 posted on 03/08/2023 12:36:25 PM PST by yuleeyahoo (The nation which can prefer disgrace to danger is prepared for a master and deserves one. Hamilton)
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To: PeterPrinciple

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.


95 posted on 03/08/2023 1:21:47 PM PST by econjack
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To: Starboard

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.


96 posted on 03/08/2023 1:24:47 PM PST by econjack
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To: ChicagoConservative27

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.


97 posted on 03/08/2023 3:53:14 PM PST by ConservativeInPA (Stupidly is a moral problem, not an intellectual problem. )
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To: Red Badger

He knows that it’s unconstitutional to tax unrealized gains so he can pretend to be progressive with the pain of doing it.


98 posted on 03/08/2023 5:15:55 PM PST by wgmalabama (Censored!)
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To: AZJeep

Year 1 Goes up 10% pay tax, year 2 falls 20% no tax, year 3 goes up 10% more tax. Sounds like a plan.


99 posted on 03/08/2023 6:03:09 PM PST by wgmalabama (Censored!)
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To: ChicagoConservative27

“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.


100 posted on 03/08/2023 6:51:03 PM PST by Blood of Tyrants (It's science and therefore cannot be questioned!)
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