CNBC
President Joe Biden is expected to propose a new minimum tax that would largely target billionaires when he unveils his 2023 budget, according to a document obtained by CNBC.
Called the “Billionaire Minimum Income Tax,” it would assess a 20% minimum tax rate on U.S. households worth more than $100 million. Over half the revenue could come from those worth more than $1 billion.
“This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters,” the document said. More
As stupid and political as this proposal seems this part should give everyone pause.
“As a result, this new minimum tax will eliminate the ability for the unrealized income of ultra-high-net-worth households to go untaxed for decades or generations,” the document stated.
So can I get a tax deduction on a piece of capital equipment before I buy it. These fucking losers. They floated this last year. We all saw it coming.
He can’t do it. It’s unconstitutional. We had to have a constitutional amendment just for the federal government to impose an income tax (and unrealized gain is not “income”.)
this will turn into another amt (alternative minimum tax) dont trust these assholes!
Well, just remember that the left does not believe we actually possess the money we earn. It’s really the government’s, we just kind of borrow it at their discretion. That’s why they are big on high taxes for estates when someone passes.
@janitor – this is the left. Constitutionally has nothing to do with it.
My question is if the subjects will get a rebate if those unrealized gains diminish or even turn to losses
Does that include income from pipelines that are currently getting the fucking shit bombed out of them in the “Kraine” and currently not profitable due to sanctions & supply disruptions?
What if you have to put personal money into an entity to keep it afloat during say, a Pandemic.
Do you get to call the government up & get you tax dollars back that you previously paid?
(keep in mind i know a bit about Canuckistan Tax not Uncle Sam’s)
What motivation is there to be successful anymore. We should all just shut down our business’s, quit our jobs, and go on Welfare. Or, maybe that’s what they are after.
I’m rather ignorant: what are they talking about when they mean “unrealized income”? What does that look like?
Now the nation’s wealthiest people will flee the country. Brilliant.
@Brad March 28, 2022 at 12:02 am
> What motivation is there to be successful anymore.
As long as you’re kneeling before Success(TM), as defined by those that call you “enemy”… nothing’s changed.
Stand up. Whip it out. Buy them more bullets and sammiches.
Same. As. It. Ever. Was.
@even steven March 28, 2022 at 1:50 am
> Now the nation’s wealthiest people will flee the country. Brilliant.
Pro-tip: The (merely) wealthy have “citizenship” in many “countries”. For the same reason(s) that professional managers will not start a long term production run, that requires single source components.
Keep in mind that the longtime failure Joe Biden has also recently eliminated tariffs on 352 Communist China products and which can freely poison or harm Americans without consequences. A solution to the Russia-supporting Communist China exports is not to buy their products, merch, human/pet food whenever possible including those peddled on Amazon, Walmart, Etsy, Pinterest, Facebook, Youtube, eBay, JCPenney, Macys, Kohls, Land’s End, Vitacost, Instacart, any discount store on/offline etc. A heads-up also is the fact that numerous so-named conservative websites also peddle Communist China-produced goods and food. Two of those sites are whatfinger (vitamin/OTC supplements and clothing) and gabdotcom (pet products and human goods).
Of course the Pedo will tax something that doesn’t exist yet…
I would say they will tax the air you breathe, but they already do.
Called the carbon tax.
Fuck the Pedo and every tax loving dipshit Demonrat alive.
If such a tax actually makes it into the light of day, somewhere deep in the footnotes to cross-referenced addendums qualifying subsections of existing tax codes will be an exemption for members of Congress and their staff.
At this point I don’t give a fuck if someone actually taxes billionaires. Because what I do know is that assholes like Joe Biden and virtually all of Congress are owned by the billionaire Davos Man crowd; so any tax bill they pass claiming to “tax billionaires” will almost assuredly tax middle class savers in order to further fuck them in the ass for the actual benefit of billionaires. That’s how it works now. Welcome to global feudalism pretending to be “democracy”.
I did not read ‘unrealized income’ into it – I read that he will tax the “worth” of households. So if you own a lot of real estate, art, jewelry,etc., they will confiscate part of it. They will keep doing it, 20% at a time each year, until you are at a level they approve. And you thought you lived in a free country!
Taxation is theft.
It, like everything else would move on down to the middle class as the billionaires move their money off shore and establish residency in other countries.
Brad March 28, 2022 at 12:02 am
What motivation is there to be successful anymore. We should all just shut down our business’s, quit our jobs, and go on Welfare. Or, maybe that’s what they are after.
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That won’t work. We’ve all heard the Margaret Thatcher saying “Socialism works until you run out of other people’s money.” I’d say most I know who are working are living pay check to pay check. Even then they aren’t making enough to pay rent, Starbutt lattes, gas, cell phone, car payment, on and on. Our children are suffering (worse) under Biden than we did under Carter, and we struggled. I can only say, we bit the bullet, got out of debt and stayed out of debt.
Once the dollar is devalued thanks to Joey’s inflation, we will all be billionaires, and subject to this tax.
Taxing unrealized income is a scant step away from taxing potential income. “We feel that your potential income is unrealized so we are taxing you on that”