Biden's tax proposal for Billionaires.

[Woodznutz]

Biden proposes to make the tax burden of Billionaires and ordinary citizens "equitable". If so all he needs to do is increase those Billionaire's tax burden to about 16 percent, the average paid by most others. Instead he proposes tax rates as high as 43 percent on the wealthy.

He's not very good at even simple arithmetic. Of course his actual scheme is to destroy capitalism, not provide equity.

Biden Administration Proposes 'Billionaires Minimum Tax'

The Biden FY2023 Budget features a minimum tax on unrealized capital gains of the ultra-rich and higher rates for wealthy and high-income individuals.

www.investopedia.com

 

[DarthTrader]

This will be really popular when the Government gives Billionaires $billion dollar refunds in years their unrealized gains turn to unrealized losses.

 

[DarthTrader]

In fairness, I don't disagree with the principle of getting Billionaires to pay their taxes, but the way to do it is to either:

1. Tax the security-backed debt that the billionaires take out to live off of.
2. Tax the whole estate upon death.

Either of those would build a more pragmatic tax structure.

 

[Moonglow]

The wealthy have the wealth to pay taxes and the US govt. has the Constitution to authorize taxes.

 

[Woodznutz]

This will be really popular when the Government gives Billionaires $billion dollar refunds in years their unrealized gains turn to unrealized losses.

Not to mention that if some property, like real estate, are considered "income producing assets" merely because they increase in value, then the cost of maintaining them must be deducted from their 'basis', just as is any other commercial property.

Biden's proposal is waaay too complicated, and is going nowhere. Also it will gore the oxen of his wealthy Dem pals, not just rich conservatives.

 

[bendog]

Biden proposes to make the tax burden of Billionaires and ordinary citizens "equitable". If so all he needs to do is increase those Billionaire's tax burden to about 16 percent, the average paid by most others. Instead he proposes tax rates as high as 43 percent on the wealthy.

He's not very good at even simple arithmetic. Of course his actual scheme is to destroy capitalism, not provide equity.

Biden Administration Proposes 'Billionaires Minimum Tax'

The Biden FY2023 Budget features a minimum tax on unrealized capital gains of the ultra-rich and higher rates for wealthy and high-income individuals.

www.investopedia.com

It's not biden's. It's the progressives in the senate.

And how the hell can people be taxed on "unrealized" cap gains? To say that is an original concept is to give it undeserving praise. LOL

"hey let's tax people who have more money than us on what they might make in the future"

Why not just confiscate their property and divvy it up among the more deserving. LOL

 

[Woodznutz]

In fairness, I don't disagree with the principle of getting Billionaires to pay their taxes, but the way to do it is to either:

1. Tax the security-backed debt that the billionaires take out to live off of.
2. Tax the whole estate upon death.

Either of those would build a more pragmatic tax structure.

What Biden fails to understand is that the wealthy, or their heirs, eventually pay all taxes due. He just wants it now for political purposes.

 

[Woodznutz]

Why not just confiscate their property and divvy it up among the more deserving. LOL

That would be killing the goose that lays the golden eggs. Biden and the progs prefer one big feast of goose rather than many egg meals.

 

[DarthTrader]

The wealthy have the wealth to pay taxes and the US govt. has the Constitution to authorize taxes.

There is nothing constitutional about a direct tax. Maybe you should learn a thing or two about the Constitution. Taxes on unrealized gains are a prohibited direct tax. LOL

 

[Moonglow]

It's not biden's. It's the progressives in the senate.

And how the hell can people be taxed on "unrealized" cap gains? To say that is an original concept is to give it undeserving praise. LOL

"hey let's tax people who have more money than us on what they might make in the future"

Why not just confiscate their property and divvy it up among the more deserving. LOL

That is exactly what should happen.

 

[Moonglow]

There is nothing constitutional about a direct tax. Maybe you should learn a thing or two about the Constitution. Taxes on unrealized gains are a prohibited direct tax. LOL

Better tell that to George Washington so he doesn't tax production.

 

[Ropey]

Better tell that to George Washington so he doesn't tax production.

^ talks to dead people...

 

[bendog]

That would be killing the goose that lays the golden eggs. Biden and the progs prefer a big feast of goose rather than many egg meals.

eh, biden's old, and taxes were never really his calling card (judiciary and for policy) but he's at most an old FDR/Truman new deal / fair dealer.

Today's progs literally base their plans on collective ownership notions.

Ocasio-Cortez boosts progressive theory that deficits aren’t so scary

Deficits have long been considered a drag on the economy, diverting private investment into government bonds instead of jobs and technology.

www.politico.com

Since the govt controls how much "money" is in an economy, a govt can spend as much on social programs as people are willing to vote for.

 

[bendog]

From the link
Deficits have long been considered a drag on the economy, diverting private investment into government bonds instead of jobs and technology, and swallowing tax dollars into a mounting pile of interest payments. To avoid these effects, government spending is often framed like business spending: Costs should be offset by revenue.

But the philosophy that Kelton and others are pushing — dubbed “modern monetary theory” — views it differently. Governments, it says, create money, so they don’t even need to borrow any — they can spend as much as they like. The only limitation should be the threat of inflation, not insufficient revenue.

Under this theory, if the government did spend enough to stoke inflation, it would be counteracted not by the Federal Reserve hiking interest rates, as it does today, but by the president and Congress agreeing to raise taxes to pull money out of the system — assuming they would be willing to take that politically unpopular step. Interest rates would be pegged at a low level.
--
Ah bet ah ken figger who she's a-gunnin be taxin ter get that money

 

[PinktheFloyd88]

Close the loopholes

 

[Flash]

From the link
Deficits have long been considered a drag on the economy, diverting private investment into government bonds instead of jobs and technology, and swallowing tax dollars into a mounting pile of interest payments. To avoid these effects, government spending is often framed like business spending: Costs should be offset by revenue.

But the philosophy that Kelton and others are pushing — dubbed “modern monetary theory” — views it differently. Governments, it says, create money, so they don’t even need to borrow any — they can spend as much as they like. The only limitation should be the threat of inflation, not insufficient revenue.

Under this theory, if the government did spend enough to stoke inflation, it would be counteracted not by the Federal Reserve hiking interest rates, as it does today, but by the president and Congress agreeing to raise taxes to pull money out of the system — assuming they would be willing to take that politically unpopular step. Interest rates would be pegged at a low level.
--
Ah bet ah ken figger who she's a-gunnin be taxin ter get that money

Deficits can always be fixed very easy. Stop spending so much goddamn money.

Increased taxes never reduce deficits. Just give the bureaucrats more money to waste.

 

[Billiejeens]

The wealthy have the wealth to pay taxes and the US govt. has the Constitution to authorize taxes.

The "wealthy" already pay statistically "all" of the taxes.

 

[Billiejeens]

Deficits can always be fixed very easy. Stop spending so much goddamn money.

Increased taxes never reduce deficits. Just give the bureaucrats more money to waste.

Simple as that

 

[Moonglow]

The "wealthy" already pay statistically "all" of the taxes.

So, they also make the majority of all the money and hold the majority of all assets..

 

[Billiejeens]

So, they also make the majority of all the money and hold the majority of all assets..

So?