Republicans Go To Bat For Billionaires Targeted By Democratic Tax Plan

[packman]

Last edited Tue Oct 26, 2021, 01:24 PM - Edit history (1)

Source: Huffington Post

WASHINGTON ― Democrats want to tax the richest people in America to help pay for new programs like paid leave, tax cuts for parents and health care for seniors and poor people.

But the idea is running into fierce resistance from Republican lawmakers who often represent the interests of the exceedingly wealthy on Capitol Hill.

A proposal from Sen. Ron Wyden (D-Ore.) targets investments, such as stocks, held by billionaires. Instead of the superrich being able to hold on to their investments and borrow against them, without ever having to pay a tax unless they sell, Wyden’s idea is to impose an annual tax based on how much the assets have increased in value.

Republicans want billionaires’ assets to be left alone because, they argue, the tax may not be easy to implement.

“On assets that are not public securities, how are you going to determine the market value?” Sen. Mitt Romney (R-Utah) told HuffPost. “WASHINGTON ― Democrats want to tax the richest people in America to help pay for new programs like paid leave, tax cuts for parents and health care for seniors and poor people.




Read more: https://www.huffpost.com/entry/billionaires-tax-republicans_n_61781249e4b03072d6fc54a1

---

"We’re going to be in huge legal battles over what the value is of a ranch, of a painting, over a piece of jewelry.”-

Yah, that could be a HUGE problem you damn idiot sitting in your 1,000 acre ranch overlooking your herds of cattle , sipping your brandy beneath your million $ paintings, and wondering if your wife is happy with that diamond/emerald bracelet you just bought her.

[Eliot Rosewater]

1. Not just repubs want the billionaires to have ALL the money, middle class repub voters will take

time out of their day, will stop playing with their kids and grandkids to go online to argue in FAVOR of not taxing the rich while they themselves pay a higher tax rate than the billionaires.

Last count there were SEVENTY FIVE MILLION Americans in this category.

[Pantagruel]

6. Ain't no cure for stupid.

Realizing the "SEVENTY FIVE MILLION Americans in this category." depresses me constantly. Stupidly, I thought we were better than that.

[Bayard]

2. The ads just write themselves

And this one will be killer. Keep hitting this, rethugs!

[Cracklin Charlie]

3. They're "going to bat" for 700 Americans.

Which means they’re “playing against” hundreds of millions of Americans.

Get it yet?

[appleannie1]

4. Is anyone surprised by that?

[Pantagruel]

5. Taxing Billionaires

Sounds good but already, CNBC this morning, had a piece on billionaire's tax accountants planning to form trusts and foundations to avoid the tax. The law isn't even written and they're drawing up end runs.

[hedda_foil]

7. The IRS could always rely on the insurance valuations for all those pricey doodads.

The billionaires probably have everything appraised and insured for MORE than it's worth and the law can be written to require insurance companies to provide the information automatically each year.