Biden to unveil new 20 percent minimum tax on billionaires

a reply to: putnam6

Never gonna pass.
Everyone should know that most millionaires don't get a paycheck like Joe public. They get most of their wealth from stocks. Good luck getting a bill passed that taxes a stock.

Say I own a million dollars of IBM stock. Biden wants to tax me $200k because I own that stock. So what if I don't have that much laying around... Am I now forced to sell enough stock to pay the taxes... But now I don't own as much so does my tax drop? Do I still pay capital gains on the sale of the stock? What if the stock splits and goes up? Do I owe more taxes now?

Biden can stick it where the monkey put the peanut..

And yes I know it's for $100 million and up.

That is a minimum tax on the money they take out of their companies and they can get around that too. They can invest in the business for a while, building equity, and the tax will be deferred...in a couple of years the tax will be repealed and they will make money on their investments while claiming a tax break for a few years....I suppose there are specific loopholes in the law that will allow them to pay no taxes if they do it right by getting the right lawyer.

Rich people don’t have income they have balance sheets. This is another useless Biden idea.

originally posted by: putnam6

The difference is she is against because she qualifies and no doubt has lots of donors that qualify too.

When did Pelosi become a billionaire?

Or claim they are a citizen of the sea lol

a reply to: ketsuko

originally posted by: alphabetaone

originally posted by: putnam6

The difference is she is against because she qualifies and no doubt has lots of donors that qualify too.

When did Pelosi become a billionaire?

Reading is fundamental it's in the 2nd paragraph.

"those households worth 100 million or more"

Nancy's household is worth about 120 million

www.therichest.com...

originally posted by: 1947boomer

originally posted by: putnam6
Makes you wonder why this was announced now?
.......

I guess you are not familiar with how the federal budget process works and has worked for the last 100 years. The President proposes a budget to Congress every year about this time. Traditionally, the President puts out a call to all the Federal agencies that he's responsible for late in a calendar year to submit to him their budget requests for the following fiscal year. The White House looks at those requests and puts its own changes on them (increasing some, decreasing others, ignoring others) and ends up submitting the proposal to Congress about this time of the year. Congress has its own priorities and will increase some, decrease others, and ignore still others. Ideally, Congress ends up passing a budget before the end of the fiscal year (September 30). Very often, Congress does not meet that deadline and has to pass small stopgap bills to keep the government running until they can agree on the big issues. Since taxes are what end up paying for any budget, proposed tax changes are also included in the proposal submitted to Congress. Biden is doing this now because this is what the agreed upon process requires.

I was referring to him being involved with the trip to Brussels and Poland this week, ample time on Monday or previously. You know when he is in town and available for questions.

I fully support Biden’s regime in this. What an odd scenario. Makes me feel rather uncomfortable.

Though presumably without proper enforcement the billionaires will be more then capable of evading the new tax.

Assuming it passes, which it won’t. I’m pretty sure this is an optics play for the midterms, so the DNC can say “well, we tried fellas”

This is really going to hit farmers. Most make a good living, but to do so they own or control thousands upon thousands of acres of prime real estate, maintain a pretty impressive fleet of equipment, and even have their own semi trucks to haul grain to market. I can see their net worth bumping $100M. I can also see them saying 'screw this" and downsizing their farms (for those who missed it, that would mean "LESS FOOD").

At least now we know why Biden warned us about upcoming food shortages.

TheRedneck

a reply to: putnam6

So youre saying then that the thread title is hyperbole. Ok.

a reply to: Gothmog

Taxation without representation? Who has more representation than billionaires?

a reply to: putnam6

does Biden's dark money count ? Tax attorneys already trying to find ways around it . In a 9 - 0 decision SCOTUS says it is unconstitutional . Lets go Brandon

So it's stick it to the rich time, again, is it??

Instead of curtailing spending, just raise taxes...

Billionaires can afford, right?? Of course. Ignoring the little issue of, they can also afford to move it all off shore to the tax havens that await.

Oops.

originally posted by: alphabetaone
a reply to: putnam6

So youre saying then that the thread title is hyperbole. Ok.

LOL seriously the title was actually cut down for the first sentence so it fit and made sense

Where is it hyperbole is it not a plan to tax billionaires 20% ? Isn't that Biden's plan

I mean that is the plan laid out in the article?

Yeah 20% isn't nearly enough when I'm paying 37%.

a reply to: GravitySucks

You're paying 37% each year on everything you own?

Wow... I think I would find a new accountant.

TheRedneck

I don't think people really understand how much the rich actually pay in taxes. There seem to be the outliers used as examples of the "rich not paying their share" but most taxes paid come from the upper 20%. I'm thinking this is just for show from old Joe as in most rich people will say, OK so what I pay more...lol

But then social justice warriors will say GOOD JOB Joe!!! He is just trying to please his base without actually doing anything, seems about right...

originally posted by: TheRedneck


You're paying 37% each year on everything you own?

Wow... I think I would find a new accountant.

TheRedneck

I have always asked, how much should it cost to be an American? I typically pay around 35k fed after all said and done, and that seems like a good deal more than about 80%+ of other Americans actually pay. How about old joe also saying ALL Americans will pay at least 8% too.

originally posted by: Xtrozero

originally posted by: TheRedneck


You're paying 37% each year on everything you own?

Wow... I think I would find a new accountant.

TheRedneck

I have always asked, how much should it cost to be an American? I typically pay around 35k fed after all said and done, and that seems like a good deal more than about 80%+ of other Americans actually pay. How about old joe also saying ALL Americans will pay at least 8% too.

Between 33%-36% of my paycheck goes to taxes. This years taxes was higher due to paying into this damn stimulus, unemployment and child credit tax, thank you very much.

I wonder if bribing the President or people in Congress is tax deductible under this new plan?