Biden to unveil new 20 percent minimum tax on billionaires

Makes you wonder why this was announced now?

Not against it perse but more of the timing and the fallout from those who qualify.
this was definitely part of Warren's platform... I think UBI is next

www.washingtonpost.com...

The White House will unveil a new minimum tax targeting billionaires as part of its 2023 budget Monday, proposing a tax on the richest 700 Americans for the first time, according to five people with knowledge of the matter and an administration document obtained by The Washington Post.

The “Billionaire Minimum Income Tax” plan under President Biden would establish a 20 percent minimum tax rate on all American households worth more than $100 million, the document says. The majority of new revenue raised by the tax would come from billionaires.

“We still have questions of constitutionality: Can the IRS collect taxes if nothing has been sold based on the wealth, the property, of the taxpayers?” said Steve Rosenthal, a senior fellow at the Tax Policy Center, a nonpartisan think tank.

edit on 26-3-2022 by putnam6 because: (no reason given)

edit on 26-3-2022 by putnam6 because: (no reason given)

a reply to: putnam6

And as usual millionaires always find a way to get over the taxes, after all we the tax payer still pay for their short comings.

People are soo naive that they think this will take money out of the rich elites,

Guess what, the rich do not lose a penny, but we the working class will pay for it one way or the other

How does billionaires get around taxes, well they donate millions to none profit accounts, that money is tax exempted and the money no necessarily goes to a cause, the money just circle back to the donor.

Yep is all a lie to make the working class feel all cozy and warm.

I don't think Pelosi will like it.

originally posted by: marg6043
a reply to: putnam6

And as usual millionaires always find a way to get over the taxes, after all we the tax payer still pay for their short comings.

People are soo naive that they think this will take money out of the rich elites,

Guess what, the rich do not lose a penny, but we the working class will pay for it one way or the other

How does billionaires get around taxes, well they donate millions to none profit accounts, that money is tax exempted and the money no necessarily goes to a cause, the money just circle back to the donor.

Yep is all a lie to make the working class feel all cozy and warm.

FWIW we have found something you and Nancy Pelosi agree on. The difference is she is against because she qualifies and no doubt has lots of donors that qualify too.

from the last paragraph of the article

www.washingtonpost.com...

It also remains unclear if even the more nuanced approach to taxing billionaires will be approved by Democrats in Congress. House Speaker Nancy Pelosi (D-Calif.) was among the Democrats who in private objected to Wyden’s billionaire tax plan, suggesting it amounted to a publicity stunt. Manchin denounced the billionaire tax as divisive last fall, though he later told The White House he could support such a measure.

edit on 26-3-2022 by putnam6 because: (no reason given)

a reply to: putnam6

Is all a lie, nothing but a charade by democrats to make the naive working class poor that they care.

Elites steals from the people, all the time.

Clever trick.

Announce new tax and allow off shore accounts again at the same time.

Whata Country 🤣

originally posted by: marg6043
a reply to: putnam6

Is all a lie, nothing but a charade by democrats to make the naive working class poor that they care.

Elites steals from the people, all the time.

Most definitely and they are ticking off former campaign promises as the midterms come around, just like Bernie out talking about the elimination of medical debt. It's why I mentioned UBI, if nothing else Biden has to placate those Dems

Tax all the millionaires and there's still not enough to pay for much of anything.

The joke's on YOU 🤣🤣

a reply to: xuenchen

Wait a learn, nothing is what it seems anymore with the elites and politicians in our nation and around the world.

Nasty, nasty stuff has done against humanity and humanity is about to wake up, we are living some very interesting days.

Covid? covid what? yep forgotten soo easily.

a reply to: putnam6

Oh, I can not wait to see the inundation of liberal media brain washing the unstable democrats that have lost faith.

The campaign is going to be a brainwashing one.

I just waiting to see it all, soo pathetic.

I wish my federal tax rate was only 20%.

Who's to say the top 700 wealthy individuals won't just put their money in off shore accounts? I mean it's probably already there.

How about you do something to help normal citizens for once?

If this is really going to stick them where they hurt, they'll all start moving.

It's more of a direct crime of theft proposing this tax based upon the fools proposing such things, than it is billionaires not paying any taxes because they certainly do.

But tax and spend (and squander) dems have a desire to spend money on themselves disguised as some humanitarian need tax. What it is and always is is wealth transfer from those who create lots and lots of jobs to those who cause job losses.

originally posted by: ketsuko
If this is really going to stick them where they hurt, they'll all start moving.

We shall see, but if Nancy is against it, it is likely not happening anyway, almost like the story is deflecting from something else.

a reply to: putnam6

I am sure is something big been cooked for mid term by the corruption we call democrat politicians, I hope people are no dumbed out to see it coming.

Taxation without representation ?
Biden can do NOTHING about taxes .
The war on the citizens continues.

That is a Congress responsibility .

half baked post deleted

originally posted by: musicismagic
I don't think Pelosi will like it.

Congress has a way of exempting themselves from any laws and regulations they force others to follow.

ACA and vaccines come to mind. They'll be fine.

originally posted by: putnam6
Makes you wonder why this was announced now?
.......

I guess you are not familiar with how the federal budget process works and has worked for the last 100 years. The President proposes a budget to Congress every year about this time. Traditionally, the President puts out a call to all the Federal agencies that he's responsible for late in a calendar year to submit to him their budget requests for the following fiscal year. The White House looks at those requests and puts its own changes on them (increasing some, decreasing others, ignoring others) and ends up submitting the proposal to Congress about this time of the year. Congress has its own priorities and will increase some, decrease others, and ignore still others. Ideally, Congress ends up passing a budget before the end of the fiscal year (September 30). Very often, Congress does not meet that deadline and has to pass small stopgap bills to keep the government running until they can agree on the big issues. Since taxes are what end up paying for any budget, proposed tax changes are also included in the proposal submitted to Congress. Biden is doing this now because this is what the agreed upon process requires.

originally posted by: litterbaux
I wish my federal tax rate was only 20%.

Who's to say the top 700 wealthy individuals won't just put their money in off shore accounts? I mean it's probably already there.

How about you do something to help normal citizens for once?

you are correct. this is just political theater to gain and retain the poor to vote for them as they THINK they are doing something good for them, and sticking it to the rich. in short it is a scam trying to bolster support.

thing is, from what i can see, this appears to be a huge nothing burger. just show, that does and changes nothing at all. a "20% Billionaire Minimum Income Tax", when people only earning $40,526 to $86,375, are already paying 22% tax, and it keeps going up from there. in fact a "billionaire" at the highest tax bracket, those he is supposedly punishing, currently are already at 37%, almost twice the "minimum tax" being announced. so they are already, and have been paying far more than that 20%. which means there will be NO MORE TAX MONEY FROM IT. anyone who can think should going WTF? although i know most democrats seem to be mindless robots believing what their superiors say,without being able to realize that you don't get more money, by announcing that you are going to "raise their tax" by creating a "high" minimum tax, half of what they already pay.

on the other hand there is in fact another interesting possibility. and that is that they are actually reducing the tax on the rich. but just trying to put a spin on it, that they will be charging them more.