About time - Biden to Propose Billionaire's Tax

[kpete]

“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 America’s 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]

1. Wanna bet Republicans will scream....UNFAIR!

So says the Party of the Rich.

[CaliforniaPeggy]

2. It's about time, for sure. They are not paying their fair share, AT ALL. n/t

[Tetrachloride]

3. Its both "about time" and "good timing "

5 full months until autumn’s early voting starts.

[newdayneeded]

4. In a just

world, every member of congress that would vote against this should be voted out of office.

[Maraya1969]

6. Fabulous! The wealth disparity in this country is appalling. Glad Pres. Joe is going to do

something about it.

[Hoyt]

7. Appears the tax will raise about $36 Billion per year. I think that works out to about 14 days

of our current budget deficit.

Point is, ain't gonna help much.

[Torchlight]

17. Every journey begins with initial steps.

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]

21. So, are you arguing against the proposal? Nt

[Hoyt]

34. You obviously missed the point. It raises very little. It's not enough to do anything substantial.

[spooky3]

37. I didn't miss your point. I asked you a reasonable question. Nt

[NoMoreRepugs]

28. SNAP spending in 2020 was about 80billion I think - imagine an

extra $36billion to feed the countries hungry.

[Pinback]

30. Thank you. (nt)

[Kaleva]

33. It won't increase such spending

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]

36. I swear to Dog, people just can't see it's a drop in the bucket. Not to mention, it uses up a silver

bullet-- taxing the wealthy.

[Hoyt]

35. It rasises practically nothing. It won't do anything substantial. We need more, a lot more to

fund healthcare, jobs, education, war, etc.

So don't go expecting anything big.

[LetMyPeopleVote]

8. The White House will unveil a new minimum tax targeting billionaires

Link to tweet

[Baked Potato]

9. Good!

[DanieRains]

10. What I Have Been Saying For Years

Tax unrealized capital gains over 10 million.

[marie999]

23. Do they get to deduct if any of their stocks go down in value?

[summer_in_TX]

11. A start, but I hate to see the millionaires left out!

[SleeplessinSoCal]

12. This SCOTUS ought to shoot it down.

But if Dems are smart they'll point out that this particular SCOTUS is anti-working class.

[WarGamer]

13. Symbolic.

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.

[Hekate]

14. KnR

[Ziggysmom]

15. Remember back when the poor got a break? A long, long time ago!

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]

38. Only three Democratic Senators voted against the Tax Reform Act of 1986.

[mcar]

16. Here's what I'm seeing on this thread and elsewhere

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]

24. That is business as usual here and on any online discussion group.

All we can do is stay positive, pass those positive vibes around and keep pushing to #GOTV2022

[samplegirl]

18. Oh they will go

berserk.

[Jerry2144]

19. Any dollar over $100M

Per year, earned our gains should be taxed at 100%. Those oligarchs have too much money and are too greedy.

[leftstreet]

20. Why does anyone think that will trickle down to us? n/t

[ColinC]

22. Nice

[gab13by13]

25. It appears that Elizabeth Warren and Bernie Sanders

were ahead of their times.

[KPN]

26. Good. That's a great start. Much as I'd like to see more, this is

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. I’m sure Joe will do more if and when the opportunity presents itself.

[mwooldri]

27. Throw in a windfall tax too. I'm game for that.

Those who created obscene profits out of the pandemic and now out of oil prices... Tax it

[lambchopp59]

29. It's long past time their stacking the deck game got curtailed, even a little.

[Jakes Progress]

31. When the rebubs howl, just call them Oligarch apologists.

[Hulk]

32. Will NEVER happen.....until we get a super majority in BOTH houses of Congress.

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]

39. Billionaire tax resonates well, round the world, with the russian OLIGARCHES!

Resonate right back to the traitortrump plan to bribe the richest in trump's WH opportunities time.