Democrats have until October 31 to reach a unanimous agreement that would allow them to pass both their infrastructure bill and Biden's spending package, which they hope to pass using the Senate's budget reconciliation process. Meanwhile, the mere threat of a potential new tax on billionaires has reportedly resulted in some of the nation's wealthiest residents scrambling to find new ways of avoiding the possible tax.
Robert Willens, who advises major Wall Street players on tax issues, told Politico that he had been contacted by multiple people who work with American billionaires who are hoping to evade the tax if it becomes law. Willens said that if the tax does pass and survives likely legal challenges, it may be difficult for billionaires to escape paying the tax.
"This is going to be perhaps the most difficult tax we have ever seen in terms of trying to plan to minimize it," Willens predicted."I believe this is going to be the biggest challenge we have ever had."
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Democrats Negotiate Tax, Healthcare Provisions as Biden Seeks Deal This WeekDemocrats are working to wrap up negotiations over their social-policy-and-climate bill, facing a weekend deadline to resolve disagreements on tax policy and healthcare, among other issues. The SCRAPS act. Save America. Kill the bill. All Americans are depending on Joe Manchin and Kyrsten Sinema to remain brave and steadfast against the radical leftists' attempts to ram their socialist agenda through Congress. All mankind on the way out of the Bible will live eternity going right or left.
Source: WSJ - 🏆 98. / 63 Read more »
Senate Democrats push for tax on billionaires to help fund spending planSenate Democrats are eyeing a tax on billionaires to help fund their social spending package amid pushback on income and corporate tax hikes. Figure that would raise 15 B, maybe. US Gov't spends approx 23 B PER DAY. What exactly is that rich tax going to get you? Change your spending habits! The irony in all of this is it’s a wealth tax until it isn’t. If they impose unrealized gains tax on the rich, what makes you so sure they won’t on you? The $250 billion it raises over 10 YEARS will be spent in minutes… if government was a stock, I would short it with both hands ClosingBell Tell me again who ran up the massive debt?
Source: CNBC - 🏆 12. / 72 Read more »
Billionaire Tax Faces Likely Constitutional ChallengeThe Democrats’ plan to tax billionaires’ unrealized capital gains has a problem: It will likely be challenged in court as unconstitutional. Of coarse it is🤣🤣🤣 🤣🤣🤣🤣🤣🤣🤣🤣 JennaMC_Laugh CYBERCOM_DIRNSA NSAGov CIA mossad_career GDarmanin BWallaceMP Taiwan should be invaded if bitcoin prices are above $40,000
Source: WSJ - 🏆 98. / 63 Read more »
Democrats unveil billionaires' tax as Biden plan takes shapeSenate Democrats on Wednesday unveiled a new billionaires’ tax proposal designed to help pay for President Joe Biden’s sweeping domestic policy package. What if they eliminated corporate tax incentives/subsidies (aka corporate welfare) for any company worth over a billion dollars. It would certainly crush Tesla, oil companies and the whole market but that’s coming soon enough anyway 🤌
Source: CNBC - 🏆 12. / 72 Read more »
Democrats unveil billionaires' tax proposal as they search for agreement on Biden planSenate Democrats unveil a proposed new entry in the tax code that would raise taxes on the wealthiest Americans — fewer than 800 people, all told. Poorly structured policy Unworkable pap. How do you measure “unrealized capital gains” on buildings, yachts or a Picasso? Do the “billionaires” get deductions when these values go down? In the end the brunt of this tax will fall on the middle class, eventually.
Source: latimes - 🏆 11. / 82 Read more »
A top Democrat releases details of proposed billionaires taxThe wealthiest 700 Americans would face tougher tax rules and help fund President Biden's 'Build Back Better' agenda under a proposal released by Senate Finance Cmte. Chair Wyden. It's simple...stop giving away all the house money!!! Make everybody accountable. Put people to work, don't pay illegal immigrants health care and education...start controlling spending! The problem is politicians are afraid say no to potential voters! Please get it done.
Source: NBCNews - 🏆 10. / 86 Read more »