Senator Manchin killed another Biden idea to tax income that only exists on paper. It’s very socialist at its core.
Soon Biden will suggest they tax the air we breathe.
Sen. Joe Manchin shot down Biden’s latest idea of a 20 percent minimum tax on billionaires and millionaires. It would tax income and unrealized gains. “You can’t tax something that’s not earned — earned income is what we’re based on,” he says. “Unrealized gains is not the way to do it.”
Sen. Joe Manchin (D-W.V.) said Tuesday he would not support President Joe Biden’s proposed “minimum tax on billionaires,” which would impose a 20% minimum tax on households worth over $100 million and would target unrealized gains, Forbes reports.
Five months ago, he opposed Biden’s wealth tax.
Manchin said taxes should be applied to earned income, not to unrealized gains.
He isn’t falling for their contention that this is somehow fairer. That isn’t even the problem. The problem is annually taxing income that is on paper and could be lost at any time. It’s money that is used for investment and loans but is not liquid.
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After “billionaires” find ways to shelter their $ the lefties would then look to middle and upper middle class Americans to fund their socialist wet dreams. Think unrealized income, equity, on all those homes that have appreciated in value over the years.
Shh…don’t give them any ideas or they’ll listen to the Dung Beatles of Tavistock song about the tax man.
The faculty lounge isn’t bright enough to know that the wealthy can afford armies of tax attorneys to find every loophole.