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

[Dont Taz Me Bro]

Which loopholes should we eliminate?

All of them. Set a flat rate, no deductions. Done.

 

[Big Bend Texas]

Probably the worst tax policy idea in history.

I'm sure you'd think so.

 

[Ray From Cleveland]

Sweden had a wealth tax and hated it so it got shit-canned in 2007. The Left loves Sweden so much, right? So, WTF?

They claim to love taxes, but who was it that bitched when Trump lowered the amount you could deduct on your mortgage?

 

[BluesLegend]

They claim to love taxes, but who was it that bitched when Trump lowered the amount you could deduct on your mortgage?

Democrats squealed like stuck pigs and have vowed to reinstate those deductions for the wealthy.

 

[bripat9643]

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.

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

 

[Toddsterpatriot]

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.

using a relatively comprehensive measure of their income that includes income from unsold stock..... we estimate an average Federal individual income tax rate of 8.2 percent for the period 2010-2018.

They pay less than 20%....when you include something that isn't income. Thanks!

Warren Buffet famously pays lower tax rate than his secretary.

He famously lied.

 

[Hang on Sloopy]

I never worried, nor is it my business what someone makes

 

[bripat9643]

They already pay zero now.

That's a flat out lie. How much tax do you pay on the equity in your house?

 

[Dogmaphobe]

So, the same democrat party that decimated middle class small businesses in order to enrich Jeff Bezos and his ilk are now pretending that they will turn around and tax their beneficiaries?

 

[Big Bend Texas]

Which in turn would take down value of the stocks, which would collapse the companies, and all the little people who have investments in those companies (through pension plans, 401k plans, etc.) would lose everything, not to mention the little people who work for those companies, who would lose their jobs.

They don't care, dem's see corporations and rich people as evils to be punished.

They want to grow the middle class by eliminating the top end. Republicans grow the middle class from the bottom up allowing everyone to rise.

Socialism purports to be the "fairest" system for the middle class but what it actually does is eliminate it so you end up with a handful of ridiculously rich individuals at the top who rule the groveling masses always begging for more.

 

[Missouri_Mike]

All of them. Set a flat rate, no deductions. Done.

Too many people want someone else to pay.

 

[Big Bend Texas]

That's a flat out lie. How much tax do you pay on the equity in your house?

We don't pay taxes on wealth, we pay taxes on income.

 

[Missouri_Mike]

I have to ask. For all those for this kind of tax. What do you gain from that? What would you stand to lose? What is the beneficial trade off other than short term revenge?

 

[Ray From Cleveland]

I have to ask. For all those for this kind of tax. What do you gain from that? What would you stand to lose? What is the beneficial trade off other than short term revenge?

They don't need to gain anything but self satisfaction. If government took all the money from wealthy people, these leftists wouldn't see one dime of it. But the left are envious. When they see happy people, their goal is to ruin their happiness so they are just as miserable as leftists.

 

[366h34d]

All of them. Set a flat rate, no deductions. Done.

what are you talking about? I believe you get the wrong idea

 

[366h34d]

We don't pay taxes on wealth, we pay taxes on income.

Actually, you do. It is called Property taxes

 

[Toddsterpatriot]

Actually, you do. It is called Property taxes

Do I pay a higher rate if my equity is 100% vs 1%?

 

[eddiew37]

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.​

​

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,'​

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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.'​

Poor Bti sweating out his tax hike lol at you republican trash

 

[366h34d]

Do I pay a higher rate if my equity is 100% vs 1%?

what is 100% or 1% ??

 

[AntonToo]

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

Yep, that's what they tell dupes like you, so they never pay reasonable tax rates.