Billionaire tax hits critics as Biden pushes for budget deal

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The Democrats’ idea for a new billionaires’ tax to help pay for President Biden’s social services and climate change plan is quickly running into criticism - even within the party.

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who told reporters he supported new ways to ensure the wealthy to pay their “fair share.”

Under Wyden’s emerging plan, the billionaires’ tax would hit the wealthiest of Americans, fewer than 1,000 people. It would require those with assets of more than $1 billion, or three-years consecutive income of $100 million, to pay taxes on the gains of stocks and other tradeable assets, rather than waiting until holdings are sold.

Senate Republican leader Mitch McConnell called it a “hare-brained scheme” and warned of revenue drying up during downturns. Some Republicans indicated such a tax plan could be challenged in court. Neal suggested that the House’s proposal was off the table despite Sinema’s objections. In fact, he said, “our plan looks better every day.”

Biden huddled with the conservative West Virginia Democrat Manchin and Senate Majority Leader Chuck Schumer at the president’s Delaware home on Sunday as they work on resolving the disputes between centrists and progressives that have stalled the bill.

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Billionaires and corps should be , “yes sir , anything you want ! A couple of yrs ?! Sure !”

The whole thing has fallen apart. They have stripped away any valuable parts and it’s just a shell of what it was. Time to start over.

Tax. The. Rich.

The new tax plan isn’t too complicated. Tax owed 2020 - $0. Tax for 2021 - $X,XXX.XX. So simple.

Because they're afraid their tax rate will go up, they have gotten wealthy off the $400,000 and less backs

This is why America needs a third party. Won’t happen. Enjoy!

Then no one should pay or everyone pays

All critics are rich people who would be affected by it.

Both parties hate poor people and want you to die! Amerikkka

When billionaires have foisted their tax responsibilities on the rest of us we are not interested in the critics of the plan to restore tax fairness.

700 people. A tax on 700 obscenely rich people is controversial? In an era of extreme income inequality? Are we supposed to take this reporting seriously?

Why would they be “critics”?

I just don’t understand why this is so controversial. The rich paying their fair share is not something the average citizen is opposed to.

Thank Sinema for this latest mess. Rolling back a few of the Trump tax cuts just wasn't doable for her.

Only people that agree with something like this new tax are people that are bitter about their life’s financial situation.

Eat the rich

Tax the corporations to pay their fair share and close loop holes for the rich.

Dems in Congress: You guys remember Obama’s first two years when the Dems couldn’t pass any meaningful legislation and so they lost majority power after the midterms? Let’s do that again!

The tax on assets is unworkable and taxing businesses 15% regardless of profit is insanity - 15% of what? 🤦🏻‍♂️

I love our planet but can we maybe fix homelessness and hunger before spending billions on climate?

Stupid idea & will NEVER raise the revenue they need - totally stupid!

EatTheRich

It’s a moronic concept.

WHY IS TAXING PEOPLE WITH 1 BILLION DOLLARS CONTROVERSIAL?!

'Justice and Equality prevailed and such a system of justice was formed that the rest of the world became surprised' - Muhammad Qasim has seen the era of Peace amongst Muslims. He is the awaited Iman Al-Mahdi.

The problem with a wealth tax is that after a few years, you no longer have wealth to tax.

Let me guess who is doing the 'criticism'........billionaires?

Because all these politicians are rich millionaires

The US has 2 Gerrymanders; one pushed by the GOP where some people's votes are worth more because of statehood and skin colour. The second, supported by some Democrats, the 'billionaire large corporate Gerrymander' where these assholes (some don't even vote) impose their greed.

Someone missed the memo on them becoming the party of the rich.

The REAL enemies of the state. Ultimate proof that its 10 million votes per billionaire to 1 vote per person; close down the TRUST and NGO loopholes so they cannot use them for personal use. Its a one-liner.

Well duh... Even Democrats can be bought or intimidated. Republicans are just much happier about it.. Billionaires weren't just going to let this happen easily

Of course it is…..The rich never wants to pay their fair share,they have however,no problem paying political bribes aka donations.

Pfft!

Finding out that taxing billionaires is much harder than it sounds. First problem is they have all the money. Second they have more money than everyone else. Third problem, refer to problems 1 and 2.

Name them.

Didn’t Elon Musks net worth just jump like $26 billion today? Oh the irony.

Imagine that

OMG. This is why TheDemocrats lose elections. You 👏 work 👏 for 👏 the 👏 people. 👏 You 👏 don’t 👏 work 👏 for 👏 the 👏 lobbyists 👏 that 👏 line 👏 your 👏 pockets.

DNC harrisonjaime will always have to fight for rights because they don’t know how to be team players. Work together build a big foundation then work on individuals wish list.

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