General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAbout time - Biden to Propose Billionaire's Tax
The White House will unveil a new minimum tax targeting billionaires as part of its 2023 budget Monday, proposing a direct tax on the richest 700 Americans for the first time, the Washington Post reports.
Many of Americas billionaires can pay far lower tax rates than average Americans because the federal government does not tax the increase in the value of their stock holdings until those assets are sold. Billionaires are able to borrow against their accumulated gains without triggering taxes on capital gains, enabling huge accumulations of wealth to go virtually untaxed by the federal government.
https://politicalwire.com/2022/03/26/biden-to-propose-billionaires-tax/
https://www.washingtonpost.com/us-policy/2022/03/26/billionaire-tax-budget-biden/?utm_source=alert&utm_medium=email&utm_campaign=wp_news_alert_revere&location=alert&wpmk=1&wpisrc=al_news__alert-politics--alert-national&pwapi_token=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJjb29raWVuYW1lIjoid3BfY3J0aWQiLCJpc3MiOiJDYXJ0YSIsImNvb2tpZXZhbHVlIjoiNTk2Y2U0M2ZhZGU0ZTI0MTE5ZDhkMjU0IiwidGFnIjoid3BfbmV3c19hbGVydF9yZXZlcmUiLCJ1cmwiOiJodHRwczovL3d3dy53YXNoaW5ndG9ucG9zdC5jb20vdXMtcG9saWN5LzIwMjIvMDMvMjYvYmlsbGlvbmFpcmUtdGF4LWJ1ZGdldC1iaWRlbi8_dXRtX3NvdXJjZT1hbGVydCZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj13cF9uZXdzX2FsZXJ0X3JldmVyZSZsb2NhdGlvbj1hbGVydCZ3cG1rPTEmd3Bpc3JjPWFsX25ld3NfX2FsZXJ0LXBvbGl0aWNzLS1hbGVydC1uYXRpb25hbCJ9.9pcZEvD4iawQVj3mYQCy2N4UsZLF-sDzl_rucHoQnXc
ProudMNDemocrat
(16,321 posts)So says the Party of the Rich.
CaliforniaPeggy
(149,181 posts)Tetrachloride
(7,701 posts)5 full months until autumns early voting starts.
newdayneeded
(1,935 posts)world, every member of congress that would vote against this should be voted out of office.
Response to kpete (Original post)
Chin music This message was self-deleted by its author.
Maraya1969
(22,408 posts)something about it.
Hoyt
(54,770 posts)of our current budget deficit.
Point is, ain't gonna help much.
Torchlight
(3,205 posts)It often appears those steps, being so far away from the ultimate ain't gonna help much, but every step getting there is a critical step.
spooky3
(34,231 posts)Hoyt
(54,770 posts)spooky3
(34,231 posts)NoMoreRepugs
(9,216 posts)extra $36billion to feed the countries hungry.
Pinback
(12,131 posts)Kaleva
(36,093 posts)It will make a reduction in the annual deficit.
If the nation had a balanced budget, which it doesn't, then there could be extra money available to spend on programs like SNAP
Hoyt
(54,770 posts)bullet-- taxing the wealthy.
Hoyt
(54,770 posts)fund healthcare, jobs, education, war, etc.
So don't go expecting anything big.
LetMyPeopleVote
(143,633 posts)Baked Potato
(7,733 posts)DanieRains
(4,619 posts)Tax unrealized capital gains over 10 million.
marie999
(3,334 posts)summer_in_TX
(2,658 posts)SleeplessinSoCal
(8,950 posts)But if Dems are smart they'll point out that this particular SCOTUS is anti-working class.
WarGamer
(11,972 posts)I appreciate the effort and attention BUT
That's a drop in the bucket.
A wealth tax needs to start around $5M net worth.
Maybe it'd only be 0.5% at $5M NW and scaling up from there but they must pay taxes... annually.
Ziggysmom
(3,366 posts)Credit card interest and other forms of personal interest were deductible on income taxes some years ago, but Congress eliminated those deductions in the Tax Reform Act of 1986.
Good old Ronny Reagan put the screws to the poor who are more likely to have debt. If you don't own a home, and can't access mortgage or home equity interest deductions, or you should be allowed to deduct consumer interest.
former9thward
(31,684 posts)mcar
(42,179 posts)from people who have been advocating for this for a long time:
"Meh." "Not good enough." "A drop in the bucket."
During the midterm year, I frequently say, on this board and elsewhere, that there is voter suppression going on.
It pains me to see phrases that can lead to voter apathy right here - again.
Tommymac
(7,263 posts)All we can do is stay positive, pass those positive vibes around and keep pushing to #GOTV2022
samplegirl
(11,359 posts)berserk.
Jerry2144
(2,040 posts)Per year, earned our gains should be taxed at 100%. Those oligarchs have too much money and are too greedy.
leftstreet
(36,064 posts)gab13by13
(20,782 posts)were ahead of their times.
KPN
(15,578 posts)really good to hear. We have a President who gets the inequities in our federal tax structure and is willing to do something about it. Im sure Joe will do more if and when the opportunity presents itself.
mwooldri
(10,291 posts)Those who created obscene profits out of the pandemic and now out of oil prices... Tax it
lambchopp59
(2,809 posts)Jakes Progress
(11,121 posts)Hulk
(6,699 posts)Hate to be a pessimist, but I think I'm a realist in respect to anything dealing with tax issues. We will be lucky to hang on to our Social Security and current skimpy tax code that treats billionaires like the poor. We are stuck with such idiots as manchin and senema, and there are others who also have a thin soul when it comes to their own greed.
It should be a 90% tax rate over a million...but we are talking about income over millionS, and there are so many loop holes in the tax code now, that the wealthy are going to get away with murder...thanks in great part to the sock-puppet reagan and his diabolical cabal of thieves. We are stuck...until our federal government has a majority who really give a shit.
empedocles
(15,751 posts)Resonate right back to the traitortrump plan to bribe the richest in trump's WH opportunities time.