The Democratic Party platform 2025 was released yesterday. It calls for a 25% wealth tax on billionaires, almost definitely including unrealized gains. Those are assets people own that they are not selling.
Biden announced in his budget that he wants to tax property like stocks, bonds, paintings, jewelry, and anything the wealthy own that they aren’t selling. These assets go up and down in value over the years, and at some point, they could be worth almost nothing.
It’s a dangerous idea, and it won’t stop at billionaires. As always, when they run out of billionaires’ money, they will go after millionaires and eventually the middle class.
Can you say you own anything if the government cane put its claws into everything you own every year?
Biden continues to lie:
There are a thousand billionaires in America, and they pay an average 8 percent in taxes– a far lower rate than a firefighter or teacher. Democrats will make billionaires pay a minimum income tax rate of 25 percent, raising $500 billion in 10 years. We’ll end the preferential treatment for capital gains for millionaires, so they pay the same rate on investment income as on wages.
They pay more than that. They pay about 25%, and then they pay state, local, and real estate taxes, which total about half of their income.
The Committee for a Responsible Federal Budget indicates that Kamala will continue this economic plan.
The campaign told them that Vice President Harris continues to support all of the revenue-raising provisions in the President’s FY 2025 budget.
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Why are you all fearing for the Rich Mans Wealth? Fear for Yourselves, Ameica! None ( most 99.9-percent) of you will ever amass such a gargantuan pot of stolen goods so why are you worried? Billionaires and Corporations can afford to pay taxes. You, However, well if they start taxing you more to pay for their bailouts/handouts and tax exemptions, then where will you be? Homeless.
If society does not become “rational and disciplined” then there will be real problems. All the billionaires have to do is buy your government! They can do it! You could, America; but you lack the discipline and organization. They dominate you will their Excess.
SO … You all better learn to tax it or you will have nothing. Why are you paying property taxes when corporations get a free ride through 501 3 C status or some other nefatious back door dealing! Corporate Owners become Billionaires to Buy your Government and this is why you have only: Trump and Kamala! Look at all the Money between the two Idiots! No Change is Possible. Sad. Trump will do no different than Kamala. She talks; but when elected she will drop all promises and go full Corpoation! They are all paid to do this and your Democrasy is a Pipe Dream, America. What will you do about it?
Democrats used to say “millionaires” but now say “billionaires” because Dems are all millionaires now.
Billionaires will just take their big $ and head for friendly nations offering tax sanctuaries, That will lead to millions of middle class folks, who are currently sitting on inflated home and stock equity, being targeted for “unrealized capital gains”.
Then you sanction their business and ban their products. You do not allow Billionaires to hold the nation Hostage. This is a National Security Problem and a Danger. If you , as a poor working class slob, try to sneak a few bottles of Tylonol across the border ( Big Profits for you if you Can) they will throw you in Jail for Smuggling! Why not apply the same to Billionaires! They leave the country to profit from slave labor then Jail them.
Maura: You describe larceny. How possible without Congressional approval? Plus, it’s nuts.
Eric
They say they must win the House and Senate. Without all three, Harris’s spokespeople claim they might still try.
Who knows how long before they would politicize the Supreme Court with that kind of power.