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

[g5000]

If I had $100 million in wealth, and earned $100,000 in income this year, then under Biden's plan I would pay a minimum of $20,000 in income tax.

It's really not hard to understand if you try.

 

[basquebromance]

"nobody making less than 400 thousand dollars a year will pay a penny more in taxes...if you don't make 400 grand you're not gonna pay. period" - Biden

 

[jc456]

"nobody making less than 400 thousand dollars a year will pay a penny more in taxes...if you don't make 400 grand you're not gonna pay. period" - Biden

you believe that right?

 

[bripat9643]

Musk earns $100 billion in income a year?

I don't think so.

He did in 2021 according to how Biden wants to define "income." The value of his stock increased by considerably more than $100 billion

 

[basquebromance]

you believe that right?

yes

 

[g5000]

He did in 2021, numskull. The value of his stock increased by considerably more than $100 billion

That's not income then, now is it.

 

[bripat9643]

That's not income then, now is it.

According to Biden and the authors of this swindle, it is.

 

[g5000]

According to Biden and the authors of this swindle, it is.

Nope. You need to re-read your own link.

 

[ThisIsMe]

Probably the worst tax policy idea in history.

Why? Wouldnt that that be the most fair way?

 

[basquebromance]

 

[g5000]

bripat9643

I read another article about this tax, and you are correct. Any increase in value of stocks or bonds would be taxed at 20 percent. That tax will offset any tax on the stocks and bonds when they are sold.

That is an entirely stupid plan. What if your stock value goes up, you pay the Biden tax on it, then the stock crashes the next year?

What's more, if your stock goes up $100 billion (like Musk), where are you going to come up with the $20 billion you need to pay in taxes?


I'm with you on this one. It's bogus.

 

[bripat9643]

Nope. You need to re-read your own link.

I've read the details numerous times. Biden wants to count the increase in value as income. If the value increases by $100 billion, then Musk would have had to pay 20% of $100 billion = $20 billion.

 

[Lisa558]

People who don't earn enough to pay income tax only get refunded their money which was withheld from their paychecks. They don't get "money transferred to them from other people’s taxes".

Wrong. They can indeed get BACK MORE than was withheld from the paychecks, which means it is coming from OTHER people’s money.

Someone earning $50,000 with a non-working wife and three kids can end up with a federal income tax liability of $5,000 or $6,000 - and get a “refund” (cough, cough) check for nearly $11,000 of all three kids were under six in 2021.

 

[Lisa558]

Some. Not all.

The EITC is actually one of the few tax expenditures I like. It has been proven to increase worker productivity. So those people end up paying back that credit, and then some.

So now you‘re back-tracking and admitting SOME people do indeed get back more than was withheld from their check? That’s not what you said a little while ago.

So it shouldn’t be called a tax “refund” since it’s above and beyond - sometimes DOUBLE - what was withheld. It’s welfare.

 

[Fort Fun Indiana]

I'm sure you'd think so.

As well as nearly every economist on the planet.

No worries. That terrible idea will never, ever become reality.

 

[Fort Fun Indiana]

There's no such thing as income from unsold stock.

*unless the company pays cash dividends.

 

[Batcat]

What happens if the rich just pack up and go to another country?

 

[Ray From Cleveland]

What happens if the rich just pack up and go to another country?

If we took all the poor people in our country and put them on an island somewhere, nobody would miss them. In fact society would benefit. Do the same with the rich people and the country collapses.

 

[Ray From Cleveland]

Yup, I agree. Let's start by cutting defense spending in half.
MAGA

Oh would China love for us to do that.

 

[366h34d]

I've read the details numerous times. Biden wants to count the increase in value as income. If the value increases by $100 billion, then Musk would have had to pay 20% of $100 billion = $20 billion.

Can you kindly point this section to me? If that is true, we are all fucked. There is a fxxking moron living in the WH.