Senator Maserati Houseboat Opposes Billionaire Tax

[babylonsister]

Senator Maserati Houseboat Opposes Billionaire Tax
Surprise! Joe Manchin is an untrustworthy fake Democrat.
Senator Maserati Houseboat Opposes Billionaire Tax Credit: screenshot
By Joan McCarter — March 30, 2022


Sen. Joe Manchin is out there trolling us all again on President Joe Biden’s agenda to tackle climate change and economic inequality. This time he’s telling reporters that he’s certainly open to a package that could include increasing taxes on the climate and energy proposals and prescription drug pricing reforms. He even suggested a timeframe: “I’ve heard people say that before the July 4 break, you should have something done if you’re going to do anything because coming back might be futile.”

snip//

He’s actually not all that into tax fairness, as it turns out. He’s already rejected Biden’s billionaire tax, a plan to impose a minimum 20% income tax rate on the top 0.01% of earners and households worth more than $100 million. That includes “unrealized investment income.” Manchin doesn’t like that. “You can’t tax something that’s not earned—earned income is what we’re based on,” he says, although you can entirely tax things that aren’t earned. “Unrealized gains is not the way to do it,” he told reporters, shooting down the 20% minimum tax. That’s what one gets trying to please the senator from West Virginia.

Note that Manchin is definitely on the record advocating for higher taxes on the wealthy. Just some other kind of higher tax on the wealthy, apparently. Also note that many of the wealthiest Americans don’t actually “earn” much of anything—they pay for their lifestyles by borrowing against their stock holdings and avoid paying taxes that way. If Manchin insists the only way they can be taxed is on what they earn, well, Manchin is full of shit.

While Manchin is playing hard to get, things are going to start getting hard, period, for millions of Americans as COVID-19 relief programs start ending, and there’s no Biden Build Back Better plan to replace them.

more...

https://crooksandliars.com/2022/03/senator-maserati-houseboat-opposes

[2naSalit]

1. Imagine that.

[Aviation Pro]

2. "they pay for their lifestyles by borrowing against their stock holdings"

How do they pay back their loans? With stock?

[gab13by13]

4. Exactly,

If their wealth is not made taxable they will never have to pay taxes.

[Celerity]

5. Often with profits generated from additional investments via the securities-based lines of credit.

[Aviation Pro]

7. I thought you can't use the line of credit to buy additional securities

Unless there's another loophole I'm unaware of.

[Celerity]

9. Securities-based lending provides ready access to capital that can be used for almost any purpose

such as buying real estate, purchasing property like jewellery or a sports car, or investing in a business. The only restrictions to this kind of lending are other securities-based transactions like buying shares or repaying a margin loan.

https://www.investopedia.com/terms/s/securitiesbased-lending.asp


They can turn a profit (which can be used to repay the line of credit or a margin loan) or support their lifestyle.

[IbogaProject]

12. You face limits on securities backed lending

The wealthy do not face any of the investing limits you or I face. You can only double your position. A hedge fund can go 5 or more times. You could do futures or options and go 5 times leveraged but you can't spend it.
But even in a retail margin account, a few internet brokers will give you a credit card you can spend margin with and you get credit report available credit listed helping the credit score.

[NHvet]

16. Here is how a lot of my co-workers are millionaires

The company I work for was until a few years ago a completely 100% employee owned company that was privately owned until they did an IPO and after that things changed. Management is/was given stock as part of our pay benefits. you could then take that value of the stock and borrow money against to buy more stock. Every couple of years the stock would split creating more wealth plus add the dividends that were earned thus allowing the loans to be paid off. Rinse and repeat and viola wheel barrels full of cash by gaming the system.

[LiberalFighter]

20. That is corrupt.

[gab13by13]

3. Here I thought the problem for Democrats

was the liberals? Sounds to me like a repeat of sinking president Biden's BBB bill which was his signature campaign promise.

Manchin is in favor of taxing billionaire's income which can be reduced to nothing. Billionaires can and do live off loans, heck maybe under Manchin's plan billionaires can get tax breaks instead of paying their fair share?

[bullwinkle428]

6. This literally an 80/20 issue with voters across the board (i.e., Republicans too),

and he chooses to be on the wrong side of it.

[gab13by13]

8. Does he care?

Is he even running for office again?

[Wounded Bear]

13. Current term started in 2019, he's up for re-election in 2024...

AFAIK he hasn't declared yet, but he'll probably run.

[JI7]

10. But it doesn't matter unless people in his state vote based on these issues which they don't

Even if they support billionaires taxes if they are not willing to vote based on it then it wont matter to him.

[SergeStorms]

14. The wrong side, according to whom?

Certainly not billionaires. He's firmly on the correct side as far as they're concerned.

The 90% or so of Americans who are for this are on the wrong side. At least that's what Maserati Manchin believes.

I'm sure the very wealthy think Manchin is a terrific guy. He'll be rewarded for his loyalty to them, as always.

[ck4829]

22. Yep

[Deminpenn]

11. Median household income WVa was 46,711 in 2019

Median individual income was 23,000+ in 2019.

The price range of 2022 Maseratis is between 76,000 and 96,000.

For comparison purposes.

[Celerity]

19. 2022 Maserati MC20 -base price of $215,995, + a list of options that can push the price beyond $300K

Plus there are multiple other non MC-20 models/trim levels that start at 135,000 to 165,000 USD and go up from there.


2022 Maserati MC20

https://www.caranddriver.com/reviews/a39538831/2022-maserati-mc20-by-the-numbers/

[lapucelle]

15. While "news" from a staff writer at Daily Kos funneled through Crooks and Liars

may be comfortingly bias confirming, it's only marginally reliable.

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[babylonsister]

23. I'm curious to know what part

of this story do you think is inaccurate or left-leaning?

[lapucelle]

24. It's not a story. It's an opinion piece. N/T

[babylonsister]

25. Manchin nixed the tax...

how is that an opinion?

https://thehill.com/homenews/senate/600282-manchin-shoots-down-bidens-new-billionaire-tax-plan/
Manchin shoots down Biden’s new billionaire tax plan

[lapucelle]

26. That's not the OP link. The OP links to a Daily Kos post by way of Crooks & Liars. N/T

[babylonsister]

27. Duh. I know it's not, just confirming from another

source Manchin nixed it. And THAT is not an opinion.

[lapucelle]

28. Anyone who would like to discuss a news story is free to post an OP on a news story.

This is not a news story:

[babylonsister]

29. It is for anyone who didn't know Manchin

nixed the billionaire tax. Maybe you should stop reading stories like this if they're too upsetting.

[lapucelle]

30. Who would find the Daily Kos/Crooks & Liars screed upsetting? It's superficial and unserious. N/T

[oldsoftie]

17. Taxing unrealized gains IS stupid. They already do it with Mutual funds cap gains.

Even if they're reinvested you get taxed on them even though you never sold any shares. And thats on ALL of us. I HATE that tax. Plus, "gains" are subjective. Look at trump; he says his properties are worth X but the bank says its worth Y. Not to mention most of these wealthy people will simply take assets out of their names.
If you want to do a minimum tax, get rid of "carried interest" and tax ALL income over a certain amount at that flat minimum rate, whatever it may be.

[Hiawatha Pete]

18. 'he's telling reporters that he's certainly "open" to prescription drug pricing reforms'

Lucy Van Pelt says what?

[ck4829]

21. Sad