While you were watching Ukraine, Biden decided to demand a socialist minimum tax of 20% on billionaires’ and millionaires’ UNREALIZED capital gains. The tax is in his budget.
The tax doesn’t just tax billionaires. It hits anyone who makes $100 million or more, and taxes capital gains they don’t have. This tax is a tax on income they could have if they cashed in the stocks they hold.
Capital gains are key to investment in a capitalist system. Those portfolios are going to nosedive if this socialist-communist tax gets put into the budget.
This is the camel’s nose under the tent. It’s like the tax Bill Clinton put into place — the alternative minimum tax that was supposed to only affect the very rich. In short order, it hit the entire middle class. This billionaire-millionaire tax will as well. Only it is much worse since it steals money they don’t have but might use for loans so they can invest or grow a business.
This is a direct attack on Capitalism and it’s theft. So, if you’re one of the people who says, great, rich people need to pay more, you’d better rethink that.
What they plan to do is expand it into the hellish idea of the socialist-communists Elizabeth Warren-Bernie Sanders of taxing all assets. In other words, they want to tax furniture, artwork hanging on walls, anything they can call an asset.
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.
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According to Biden, this will make the progressive tax “fairer”.
“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.
No, it won’t.
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 but paid 71% of federal income taxes. Even when taxes are cut, they get almost nothing in the way of relief.
The reason they make 48% of the income is because of their own industriousness and mostly, Democrat policies that destroy the middle class and capitalism.
We are in the midst of a hijacking of the capitalist system by Build Back Better Biden. The system, also known as The Great Reset, is a feudalistic globalist financial system. There is no room for the middle class in such a system.
If you’re cold because they’ve destroyed the energy sector, wear a sweater, wear two. If you can’t afford a car or the gas to fill up the tank, take the bus, peasant. College is going to cost $200,000 to $400,000 if you’re white so your kids can’t go. And forget the steaks and family vacations, comrades.
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