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The Billionaire Tax is on its way according to the Biden White House. You see, those rich people just make too damned much money. Therefore, let’s tax the crap out of them.
President Biden will propose a new 20 percent minimum tax on America’s wealthiest households as part of his fiscal 2023 budget, according to a White House fact sheet released on Saturday.
The White House said that the “billionaire minimum income tax” Biden will propose would apply to the top 0.01 percent of American households, or those worth more than $100 million. More than half of the revenue raised by the proposed minimum tax would come from households worth more than $1 billion, according to the fact sheet.
All the leftist Progressives and The Squad are jumping up and down with glee! Stick it to the Man!!
There are huge problems with this fabulous tax proposal, which I’ll get into in a minute.
The White House Office of Management and Budget and Council of Economic Advisers estimated this fall that 400 billionaire families paid an average federal tax rate of just over 8 percent of their income between 2010 and 2018. That rate is lower than the rate paid by millions of Americans.
The White House plan would mandate billionaires to pay a tax rate of at least 20 percent on their full income, or the combination of traditional forms of wage income and whatever they may have made in unrealized gains, such as higher stock prices.
Elon Musk laid it out succinctly, his tax bill is in the millions for the CURRENT tax law. $11 Billion to be exact.
Here’s the other problem with this fabulous billionaire tax. It is going after what they “MIGHT” make on sales of stocks, homes, cars, and businesses. Anything that has the potential to make a profit once the sale is complete? The feds want to swoop in and get their grubby hands on MORE MONEY!!
That’s how this government works folks. There’s never enough money to feed the beast.
Now that Biden is in town, the knives are out. And ….lots of envious leftists agree!
https://twitter.com/BradBeauregardJ/status/1507902308444737541
Guess what Sparky, your tax rate is commensurate with your OWN earnings and holdings. Quite frankly, if your tax rate at $100K goes above 5%, you’re doing it wrong.
That said, the billionaire tax the Biden Administration will have additional consequences if passed that would affect us all.
Wait, what? How can that be? It’s just a billionaire tax! Oh for sure, it will START there, but once that tax grab ball starts rolling? Let’s look at just one example:
Tesla has issued bonds – known as asset-backed securities or ABS — backed by the loans it makes to customers for vehicles since early 2018. The idea is that Tesla, with the help of major investment banks, bundles its loans together into securities and sells them to investors, who then receive an income stream.
However, the volatile state of financial markets right now has caused many companies to halt bond offerings.
Number one: you just KNOW that it’s because of Tesla and President Trump that this proposed tax is gaining traction. Secondly, market and government uncertainty is definitely leading to bond uneasiness. This proposed tax? Amp up the uneasiness by 20 percent!
If you are a millionaire or billionaire who “might” make money down the road, let’s tax it now b/c government grift! Lo0k at it carefully. This is a property grab pure and simple. If you own property and “might” make money on a future sale, the Biden Administration wants those dollars NOW.
Here’s the scoop, Biden (and his handlers) are doing this in the name of Capitalism. I kid you not.
“President Biden is a capitalist and believes that anyone should be able to become a millionaire or a billionaire,” reads the fact sheet describing the tax proposal. “He also believes that it is wrong for America to have a tax code that results in America’s wealthiest households paying a lower tax rate than working families.”
BWAHAHAHAHA!! The jokes just write themselves! A. Joe Biden and his family have been on the grift for DECADES. B. This 20% tax will STOP people from aspiring to build a business, take care of their families and employees, and … you know, make a few dollars while doing so. In other words, let’s tax entrepreneurship!
Exactly. Eventually, they run out of other people’s money and then they come for you.
— Elon Musk (@elonmusk) October 26, 2021
That’s the entire point. The Biden Administration wants to tax the billionaires, but they won’t stop there. The tax and grab will commence until everyone jumps 24/7 and asks how high? That’s socialism folks. Capitalist? I think not.
Feature Photo Credit: Pickpocket Joe by Victory Girls Darleen Click
— That’s how this government works folks. There’s never enough money to feed the beast. —
Of course. It’s been clear since 1913. Moreover, there will be no “lower bound” to those who will be subjected to this “billionaire tax.” The threshold will descend over time until persons with a million dollars in their 401(k)s or IRAs will be subject to it, effectively wiping out their retirement savings. That particular effect has been a major goal of the Left for more than a decade — possibly since the end of World War II.
Why have we not forcibly removed the Usurpers from their stolen perches? Is there a rope shortage or some such?
Howy says: If enacted, which I doubt, this will not raise an addition cent in tax revenue. It will simply drive entrepreneurship else where, as well as all the rich people in America relocating. It will not reduce the deficit. It will increase it.
Ted says: The old Bjorn Borg Maneuver! As Dolly sings, “Here it comes a-gain …”
Cameron says: They will demand a wall to keep everyone in with billionaires to pay for it.
AF JAG retired says: If enacted, we will soon find out who on the supreme Court is really an originalist. As pointed out, this is really a property tax, a form of “direct tax.” Under the Constitution direct taxes must be apportioned among the states according tp population. The income tax was stricken down initially because it was not so apportioned, so the 16th amendment was adopted to allow the federal government to “lay and collect taxes on incomes.” But unrealized increases in property values are not income within the ordinary meaning of that word. So we’ll find out if 5 members of the Court are “woke” enough to ignore the plain meaning of the Constitution just so Mr. Mumbles in the White House can get what he wants.
Cameron says: There are two problems on all this.
1. You could tax everyone in this nation at 100% and you would run out of money before you solve the problems you think you will solve.
2. Liberals stop paying attention and get all dreamy-eyed when they hear “You could tax everyone in this nation at 100%”
Kris says: Query: What group of people have the most ability to just up and leave?
Richard says: I agree with everything you said, however I’m for the new tax, and I’ll tell you why.
Billionaires gave us Biden. I want them reamed up the you-know-what good and hard. Granted, it will be hard on Trump and a few other repubs, but think of consequence culture coming for the likes of Zuckerberg, Soros and Gates. They do not deserve our support. They are nasty human beings. Their offspring are nasty human beings.
I think repubs and patriots should sit this one out. If Biden can get a majority of dems to go along with it, then repubs should help them pass it. The billionaires voted for Biden and cheated for Biden. Let them find out what consequence culture means.
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