Billionaires Are Already Going Nuts Over Biden's Wealth Tax

[babylonsister]

Billionaires Are Already Going Nuts Over Biden’s Wealth Tax
‘DEAD ON ARRIVAL’
The ultra-rich aren’t happy about the administration’s new minimum income tax idea that would tax the gains on some investments even before they’re sold.
Noah Kirsch
Wealth and Power Reporter
Published Mar. 28, 2022 8:29PM ET

snip//

The Biden administration was set to unveil the proposal on Monday as part of its budget plan for 2023. It would affect a small percentage of the population—households worth $100 million or more—who would face a minimum annual tax rate of 20 percent of their income, including the appreciation of certain investments.

snip//

Some billionaires aren’t happy to be caught in the crosshairs. “I think it's stupid to punish the people that create the jobs and make the money,” said the grocery billionaire John Catsimatidis. “I create jobs. I don't make most of my money in hedge funds. I don't make most of my money in the stock market. I’m different.”

“It’s going to lead to very unnatural actions in the economy,” added Cooperman, who said he supports a progressive tax system but favors doing so by closing other loopholes instead.

According to a chart shared on Twitter by the economist Gabriel Zucman, Biden’s proposal could theoretically create a $50 billion tax bill for Elon Musk, the largest of anyone in the country, followed by a $35 billion obligation for Jeff Bezos. In total, the chart estimated, the top ten billionaires would owe $215 billion between them.

more...

https://www.thedailybeast.com/billionaires-are-already-going-nuts-over-bidens-wealth-tax?ref=home

[peppertree]

1. Sadly, the chances of passage are slim to none

"Whatever he said - but for my own reasons."

[peppertree]

18. I do hope you're right

[peppertree]

20. With those two, you've got to keep fingers AND toes crossed

[Biophilic]

2. And they have more money than they, or their heirs, could ever spend in a live time,

but they still want more. They also don't want to help support the country that gave them the opportunity, and the infrastructure necessary, to make all that money. They are the ultimate "takers."

[lame54]

21. Always phrased as punishment

[GoodRaisin]

3. It seems that billionaires are rarely happy unless

they are laying back enjoying their possessions.

Their inability to be happy may be the root of their problem.

[HariSeldon]

4. This is how to get inflation under control

Inflation is when the productivity of the nation is spread between too many dollars. When the federal government raises taxes, the dollars go away. If those taxes hit middle- or working-class people -- and more especially, if they hit the poor -- they reduce economic activity and thus economic demand. The rich are not nearly as productive as they think they are, and reduction of their income is unlikely to significantly change their behavior...they just have too much money to care.

[Trueblue1968]

5. the chart estimated, the top 10 billionaires would owe $215 billion between them. GOOD, LET THEM PAY

they have the MONEY, Make them pay. - -- HOW ABOUT THE RICH PAY WHAT THEY PAID DURING EISENHOWER'S PRESIDENCY ???
-------------------------------------------------------------------------------------------------------------------------

Bernie Sanders stated on November 14, 2015 in a Democratic presidential debate in Des Moines, Iowa: Says income tax rates under Eisenhower were as high as 90 percent.


~~~~~> Sanders said income tax rates under Eisenhower were as high as 90 percent.

A look through the records shows that top earners in the eight years of Eisenhower’s presidency paid a top income tax rate of 91 percent. It was even a bit higher before he took office.

https://www.politifact.com/factchecks/2015/nov/15/bernie-sanders/income-tax-rates-were-90-percent-under-eisenhower-/

[Mr.Bill]

6. Billionaires do not create jobs.

Customers do. That's who needs to be funded.

[Trailrider1951]

14. That's absolutely right!

Supply-side economics never worked, demand is what drive the economy.

[flying_wahini]

7. The super wealthy have escaped taxes for DECADES. It's time they paid their fair share.

Their FAIR share. No whining allowed.

[multigraincracker]

12. Take their complaints and get in line

right behind those Russian Billionaires. Private islands, boats and off shore money, they've got em too.

[Faux pas]

13. ...

I think they should call it the fair share tax not wealth tax. 🤔

[Hekate]

16. Joe keeps saying just that: "Just pay your fair share."

[Faux pas]

23. I

know, that's why I can't understand why they don't just call it that. Make it easier for people to understand.

[Hekate]

15. I listened to his Budget speech & the reporters would only talk about Putin's putative reaction to...

…Joe saying he had to be gone.

The Budget speech was very good actually. I was quite interested in the fact that Joe is negotiating with other world leaders to close the gaps whereby billionaires and corporations can go offshore to escape taxes. Apparently the US is not the only country with that loophole.

Considering Biden’s success with bringing NATO back together, he may just be the right man for this job.

[orleans]

17. suck it up and pay up! billionaires are a drain on society: take-take-take nt

[Hotler]

22. Freedom isn't free. When ever you hear "we over there protecting Americas intrest"

Those interest are usually the money interest. Protecting corporate and Wall St. interest.

[ck4829]

24. Kick

[bif]

25. Good. Let 'em whine.

It won't pass anyway.