Biden’s $100 Millionaire Tax Levies Income They Don’t Have

2
172

While you were watching Ukraine, Biden decided to demand a socialist minimum tax on billionaires’ UNREALIZED capital gains. Taxes like this squelch private enterprise and investment. It’s a bad precedent — a socialist precedent.

First of all, it’s a millionaire tax, and secondly, it’s the camel’s nose under the tent to grab Capital Gains.

The plan, the “Billionaire Minimum Income Tax”, affects anyone with $100 million. It is the most aggressive proposal by the administration yet in Biden’s efforts to attack the wealth of the richest Americans, even that which they have not realized, Forbes reports.

“President Biden’s Billionaire Minimum Income Tax will make America’s tax code fairer and reduce the deficit by about $360 billion in just the next decade,” a fact sheet stated.

As part of his 2023 budget, Biden is asking Congress to pass legislation mandating the richest American families to pay a minimum of 20 percent on all of their income, including UNREALIZED investment income. In other words, he wants taxes on income that doesn’t exist yet – isn’t realized. He’s counting money they haven’t made yet and might never make. This was first published by The Washington Post.

He complains that billionaires don’t pay a high enough rate, not as high as, say, a firefighter. But he leaves out the fact that they pay far more in real money.

The claim is that they can borrow from it and build their wealth. What the Bidenistas don’t mention is that this is money the wealthy also use to invest and grow business, bolstering our economy by doing. so. And, they already pay the overwhelming majority of the taxes.

The top 10% earned 48% of the income and paid 71% of federal income taxes. Even when taxes are cut, they get almost nothing in the way of relief. The Left hates that they have any deductions.

TAXING THE RICH, A SOCIALIST IDEAL

Those who fall under the new law would be required to complete a process called mark to market, where they provide the Internal Revenue Service with detailed accounts of how much their assets gained or lost in value each year.

Under Biden’s plan, households worth more than $100 million, not a billion, who do not already pay 20% tax on their so-called “full income” would be subject to the additional tax. The administration projects that more than half of revenues for the new payment would come from the nation’s roughly 700 billionaires. The rest comes from millionaires.

“In effect, the Billionaire Minimum Income Tax payments are a prepayment of tax obligations these households will owe when [and if] they later realize their gains,” the White House said. “This approach means that the very wealthiest Americans pay taxes as they go, just like everyone else, and eliminates the inefficient sheltering of income for decades or generations.”

In other words, if they have a ranch, they’ll continually pay each year on whatever the profit would be if they sold it. If it is eventually sold at a loss, they don’t get that money back.

IT’S PURE SOCIALISM

Biden falsely claims he’s a capitalist while proposing a socialist tax code. We already have a socialist tax code with half the nation paying nothing in federal taxes. They have no skin in the game.

Sen. Elizabeth Warren (D-Mass.) proposed a wealth tax during that campaign that would have levied an annual 2 percent tax on all assets in excess of $50 million. Senate Finance Chair Ron Wyden (D-Ore.) this fall unveiled a “billionaire income tax” that would have taxed on an annual basis the gains in value of stocks and other “unrealized assets.”

In other words, they want to tax all assets every year based on wealth that is not liquid like furniture, paintings, everything they own. That’s next.


PowerInbox
0 0 votes
Article Rating
Subscribe
Notify of
guest
2 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments