President plans to unveil new 20% 'minimum tax' on 700 super-rich Americans that would levy ALL forms of income for families worth more than $100M

[bripat9643]

We do because we allowed him to get elected.

I didn't.

 

[AntonToo]

And, of course, I haven't made that case either. Why are you insisting it's binary and that everyone has to support one or the other? What's so difficult about just envying someone else's success? As far as I'm concerned, I'd rather the wealthy pump their money into the private sector instead of the government.

And I'd rather America not stare into the abyss of quickly incoming default.

I guess we all have our priorities.

 

[bripat9643]

You are just recycling points you've already made and I've already addressed. I have no interest in circular tail chasing.

You haven't "addressed" anything.

 

[bripat9643]

And I'd rather America not stare into the abyss of quickly incoming default.

I guess we all have our priorities.

Then quit voting for Democrats.

 

[AntonToo]

The rich pay a higher rate than the middle class.

Well then 20% minimal tax should be moot for them...of course we both know thats not true, you are just skirting the issue.

 

[AntonToo]

Then quit voting for Democrats.

No no, I'm going to keep voting for the party that still has a capacity for compromise required to pass the Grand Bargain.

Republicans have become the party of the tax cut cult that bitches about spending when oppostion is in power and then does nothing but sink us even further when in power.

 

[AzogtheDefiler]

I didn't.

Of course you did. As did I. As did every other American who did not persuade people to vote against this embarrassment. I was wrong as I never thought so many people would be this dumb. Shame on me.

 

[AntonToo]

I'm glad you see my point. Not one dime of Medicare goes to supporting our government: our military, our bureaucracies, our politicians. Medicare deductions go to one thing and one thing only--Medicare, which again you will get back that and more if you live the average lifespan in the US.

The very rich will not get it back. I mean what do you have to do to get million+ dollars worth of Medicare covered healthcare?

 

[martybegan]

Biden has reached new heights of idiocy. Does he actually believe any Republican is going to vote for that?

Biden plans to unveil new 20% 'minimum tax' on billionaires​

the worlds richest men, including Elon Musk and Jeff Bezos, have much of their wealth in the form of stock.​

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As their stock rises in value, they are able to finance lavish lifestyles by taking out loans secured by their stock holdings. But loans are not taxed as income, and in many cases the interest payments are tax deductible.​

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The rising value of stock holdings -- known as unrealized gains -- is also not taxed as income. Capital gains taxes are only imposed when the stock is sold.​

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s a result, some 400 billionaire families paid an average federal tax rate of just over 8 percent of their income between 2010 and 2018, according to an estimate from the White House Office of Management and Budget and Council of Economic Advisers.​

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However, critics of a 'wealth tax' argue that treating unrealized gains as income is unfair and could lead to unintended consequences.​

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If billionaires are forced to pay taxes on the rising values of their stocks, even before they sell them at a profit, they could be forced to sell off control of companies that they founded in order to pay their tax bills, critics say.​

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Under Biden's new plan, billionaires already paying more than 20 percent in federal taxes would not owe additional taxes, according to the Post.​

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The taxes paid toward the minimum tax would count toward whatever billionaires owe whenever they sell their stock and pay ordinary capital gains taxes.​

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'The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income,'​

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'This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.'​

If you wanted to figure out a way to destroy the securities and commodities markets, this is how you do it.

They would have to liquidate billions in assets, flooding the market and tanking the market.

And they would still have enough cash on hand to buy the deflated assets right back.

 

[martybegan]

Congress can levy taxes

Income taxes, excise taxes, tariffs, payroll taxes, not a property or wealth tax.

 

[jc456]

And I'd rather America not stare into the abyss of quickly incoming default.

I guess we all have our priorities.

And I hate the abyss of spending what we don’t have

 

[jc456]

Income taxes, excise taxes, tariffs, payroll taxes, not a property or wealth tax.

Tax and tax and tax and they want tax some more. That’s tyranny

 

[Toddsterpatriot]

But the rules once were that we could only borrow money (margin) of 50% of a stock's value for three days before you had to settle all accounts to zero.

AFAIK, you've been able to borrow 50% for as long as you want, since 1974.
Nothing to do with naked shorts.

Today you don't have to cover a purchase or short sale in three days. (Which is why the slang term "naked" is used.)

You do need to meet the initial margin requirement, still nothing to do with "naked".

 

[Toddsterpatriot]

Well then 20% minimal tax should be moot for them...of course we both know thats not true, you are just skirting the issue.

Well then 20% minimal tax should be moot for them..

If their income is about $500,000 or higher, they'll be paying a 20% cap gains rate.

of course we both know thats not true,

Because unrealized isn't the same.

 

[Ray From Cleveland]

The very rich will not get it back. I mean what do you have to do to get million+ dollars worth of Medicare covered healthcare?

My father hit the million dollar mark last year. I believe him too. Pop was always good with money. But I think very few wealthy people ever contributed a million dollars to the program. It is a relatively small percentage tax.

 

[Ray From Cleveland]

Well then 20% minimal tax should be moot for them...of course we both know thats not true, you are just skirting the issue.

Then what about 20% tax on everybody? No, not payroll tax, property tax, consumption tax, just a 20% deduction for income tax only. Would you be happy with that?

 

[BluesLegend]

We could literally balance the budget relatively quickly just by freezing programs where they are. Don't even need to cut spending.

Or, for that matter, link any budget increases to no more than inflation and make the legislators defend their pet projects publicly because they would be fighting over a fixed amount of money. Guess what would happen to the published rate of inflation?

Dems solution is ever increasing taxes and spending with no end in sight. Have you noticed Biden did not earmark the tax increase to reduce the deficit spending? Dems will spend every last penny of that tax increase guaranteed.

 

[hadit]

Dems solution is ever increasing taxes and spending with no end in sight. Have you noticed Biden did not earmark the tax increase to reduce the deficit spending? Dems will spend every last penny of that tax increase guaranteed.

Correct. This is why raising taxes to reduce the debt or balance the budget WILL NOT WORK. You can never balance the budget when EVERY planned increase in revenue is met with spending greater than the amount expected, never.

 

[rightwinger]

Income taxes, excise taxes, tariffs, payroll taxes, not a property or wealth tax.

Congress can raise revenue
Doesnt limit how

 

[g5000]

I’m in favor of a minimum tax - for EVERYONE. On a sliding scale of course, but everyone should have to pay at least 1%. As it stands now, half of America not only pays nothing in federal income tax, but refers to the money transferred to them from other people’s taxes as their “tax refund.”

Wrong.