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

[Weatherman2020]

...well maybe YOU don't work and can't imagine paying 20% tax, but to most of Americans who have been paying that it's called paying your fair share.

All Americans should pay tax.

 

[Turtlesoup]

The wealthy know better than to accept taxable income

The truly wealthy just buy loopholes to be written into the law after the crooked pols get done with their extortion racket which will always only go after the middle class and lower level millionaires and then trickle down to the working poor.

 

[Ray From Cleveland]

Some how or other in there I think they are also wanting to tax monies that have already been taxed (I think). People should not have to pay taxes on money they have already been taxed on once.

Nor should people be taxed on inheritance. That money was already taxed when it was made.

 

[Lisa558]

And I just put enough in offshore accounts to get me below the threshold.
You Leftards are so obvious. Just more show.

Ya married?

 

[Fort Fun Indiana]

How do you close the "loophole" of rich Americans buying stock in other countries?

Taxes on foreign investment. This isn't a new topic or idea. The last 3 presidents have proposed this, with an amnesty period preceding it, during which the investors can bring some of their money back home. You can read up on it.

 

[Fort Fun Indiana]

No loopholes are even being suggested to be closed

100% wrong.

The last three presidents have proposed it, along with amnesty periods beforehand. This includes your orange lard and master.

You, as usual, don't have any idea what you are talking about.

 

[BWK]

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.​

​

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.​

​

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.​

​

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.​

​

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

​

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.​

​

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

​

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

​

'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,'​

​

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

They already pay zero now.

 

[bripat9643]

They already pay zero now.

They pay zero income tax, moron.

 

[AntonToo]

people making less than $50K pay nothing, and the to 10% pay 90% of all the income taxes. So you obviously not one of the ones paying his fair share.

wtf? In no way does your conclusion in second sentance follows the givens in the first.

I pay plenty of taxes, and well above 20% to Feds. It is NOT too big of an ask for billionares to pay at least that much.

 

[Toddsterpatriot]

wtf? In no way does your conclusion in second sentance follows the givens in the first.

I pay plenty of taxes, and well above 20% to Feds. It is NOT too big of an ask for billionares to pay at least that much.

What makes you think they don't?

 

[HenryBHough]

And island nations rub their hands in glee at the income they'll see from the sale of citizenship to former American's who worked, save, and decline to be raped.

 

[Fort Fun Indiana]

And island nations rub their hands in glee at the income they'll see from the sale of citizenship to former American's who worked, save, and decline to be raped.

Hahahaha...you rubes...look at how your masters have you terrified that the rich people might abandon you.

The same people convinced you happy meals would be $50 right now, due to minimum wage increases.

 

[HenryBHough]

The deficit could be resolved in minutes with a simple 50% sales tax on all of Hunter's "art".

 

[georgephillip]

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.​

​

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.​

​

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.​

​

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.​

​

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

​

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.​

​

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

​

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

​

'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,'​

​

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

The "Senator from MasterCard" has no intention of upsetting the status quo in America as he revealed in the summer of 2019 to a roomful of Wall Street parasites:

Biden to rich donors: "Nothing will fundamentally change"

"Former Vice President Joe Biden assured rich donors at a ritzy New York fundraiser that 'nothing would fundamentally change' if he is elected.

Biden told donors at an event at the Carlyle Hotel in Manhattan on Tuesday evening that he would not 'demonize' the rich and promised that 'no one’s standard of living will change, nothing would fundamentally change,' Bloomberg News reported..."

"'We have all the money we need to do it,' he said.

"But speaking to wealthy donors in New York, Biden appeared to suggest that his plan would not involve big tax hikes on the rich.

"'I mean, we may not want to demonize anybody who has made money,' he said. 'The truth of the matter is, you all, you all know, you all know in your gut what has to be done. We can disagree in the margins but the truth of the matter is it’s all within our wheelhouse and nobody has to be punished. No one’s standard of living will change, nothing would fundamentally change.'"

 

[Fort Fun Indiana]

The "Senator from MasterCard" has no intention of upsetting the status quo in America as he revealed in the summer of 2019 to a roomful of Wall Street parasites:

Biden to rich donors: "Nothing will fundamentally change"

"Former Vice President Joe Biden assured rich donors at a ritzy New York fundraiser that 'nothing would fundamentally change' if he is elected.

Biden told donors at an event at the Carlyle Hotel in Manhattan on Tuesday evening that he would not 'demonize' the rich and promised that 'no one’s standard of living will change, nothing would fundamentally change,' Bloomberg News reported..."

"'We have all the money we need to do it,' he said.

"But speaking to wealthy donors in New York, Biden appeared to suggest that his plan would not involve big tax hikes on the rich.

"'I mean, we may not want to demonize anybody who has made money,' he said. 'The truth of the matter is, you all, you all know, you all know in your gut what has to be done. We can disagree in the margins but the truth of the matter is it’s all within our wheelhouse and nobody has to be punished. No one’s standard of living will change, nothing would fundamentally change.'"

He is right. Tax them 30% more, and they will still be rich.

 

[366h34d]

The actual way to control the wealthy elite into paying taxes is to stop the long term borrowing on stock equity. That would do more than anything else.

borrowing on stock equity is a gamble, don't believe Biden is in the stopping gambling addiction.
Back to this dumb move, it seems that the gullible Dems supporters do not understand the difference between income and wealth

 

[Leweman]

Spend what it takes to support the military and our borders. After that it doesn't matter. It's stealing.

 

[Missouri_Mike]

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.​

​

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.​

​

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.​

​

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.​

​

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

​

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.​

​

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

​

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

​

'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,'​

​

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

So, a billionaire tax actually starts at 100 million. Liberal math is truly amazing to see.

What happens if you pay taxes on stocks and when you sell them the profit margin minus taxes paid equals a loss? Does the government pay them back for that? And if they do why would anyone care if their stocks lose money? The government will cover your losses. I’m sure a good accountant is already working that angle.

Why do we always hear libs complain rich people don’t pay as much as a percentage as teachers and fire fighters? They pay them their salary to begin with. There’s not a single teacher or fire fighter getting a check from those on welfare. And if your concern is the percentage they pay why not lower their tax burden?

 

[task0778]

What about other assets? Farms, ranches, businesses, etc?

 

[AntonToo]

What makes you think they don't?

It's fairly common knowledge, but here is a CEA and OMB study:

We estimate the average Federal individual income tax rate paid by America’s 400 wealthiest families, using a relatively comprehensive measure of their income that includes income from unsold stock. We do so using publicly available statistics from the IRS Statistics of Income Division, the Survey of Consumer Finances, and Forbes magazine. In our primary analysis, we estimate an average Federal individual income tax rate of 8.2 percent for the period 2010-2018. We also present sensitivity analyses that yield estimates in the 6-12 percent range. The President’s proposals mitigate two key contributors to the low estimated rate: preferential tax rates on capital gains and dividend income, and wealthy families’ ability to avoid paying income tax on capital gains through a provision known as stepped-up basis.

What Is the Average Federal Individual Income Tax Rate on the Wealthiest Americans? | CEA | The White House

By Greg Leiserson, Senior Economist (CEA); and Danny Yagan, Chief Economist (OMB) Abstract: We estimate the average Federal individual income tax rate paid by America’s 400 wealthiest families, using a relatively comprehensive measure of their income that includes income from unsold stock. We do...

www.whitehouse.gov

Warren Buffet famously pays lower tax rate than his secretary.

In a 2007 interview, Buffett explained that he took a survey of his employees and compared their tax rates to his. All told, he found that while he paid a total tax rate of 17.7%, the average tax rate for people in his office was 32.9%.

Why Does Billionaire Warren Buffett Pay a Lower Tax Rate Than His Secretary? | The Motley Fool

Many wealthy tax filers get away with paying very little to the IRS. What gives?

www.fool.com

What was Buffet's idea to rectify this disparity? MINIMUM TAX RATE for the very wealthiest income earners who have so many options to evade fair taxation.