said they support raising taxes on the wealthiest people. But few if any independent surveys delve into the question of taxing the unrealized gains of billionaires."It's new, so implementation becomes an issue," said Sen. Jon Tester, D-Mont., who added that he hasn't passed judgment one way or the other."I've really got to study it."
Legal scholars say that even if courts ruled in favor of taxing unrealized gains at their increased values — known as a"mark to market" assessment of value — it's unclear how they would approach the constitutionality of a tax conditioned on the wealth of the taxpayer rather than on his or her income.
When the Constitution was ratified, it required that"direct taxes" be apportioned among the states"according to their respective numbers," meaning each state would have to cough up an amount proportional to its population. The 16th Amendment created an exemption that allows the federal government to collect income taxes.
From a political perspective, Democratic leaders may end up caring more about whether they can pass the provision than whether it would survive a court challenge. The billionaires tax can't be ruled unconstitutional unless it has first become law.
The 'Poor little dear billionaires'....... Someone gonna 'tax' the little dears? Gonna get Manchin & Sinema upset....
Anger is an acid that can do more harm to the vessel in which it is stored than to anything on which it is poured
Can we audit past tax dollars spent by government to insure they weren’t wasted or connected to corruption? I’m 99% positive if we did investigate we’d find billions/trillions of dollars stashed away, that we could then take back and use for whatever spending bill you guys want
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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
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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 »
Holdout Sen. Manchin agreeable to wealth tax for Biden plan, source saysPresident Biden’s proposals for new taxes on billionaires and companies to help fund his domestic agenda has the apparent backing of Sen. Joe Manchin.
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Billionaire's tax is the worst idea ever, says NYU professor DamodaranThe new tax proposal targeting billionaires is not only ineffective, but one of the worst tax ideas ever, NYU Stern School of Business professor Aswath Damodaran says. Here's why. Get all the dead money moving, KIS I say tax all professional athletes. They dont create jobs, provide nothing important to society, and will not know they are paying more.
Source: CNBC - 🏆 12. / 72 Read more »
Democrats race to finish social safety net bill, but key disputes persistThe party is grappling with uncertainty over a potential billionaires tax and progressive anxiety over trimming climate change provisions. . SenSanders and other Dem senators should vote no on the gutted BuildBackBetterAct . We should not gl along with the corporate backed infrastructure part of the Bill. Republicans sit on the sidelines because they don’t care about child care, health care, education, and the climate.
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Soros 'supportive' of expected Democrat plan to tax billionaire unrealized gains - spokespersonBillionaire George Soros is 'supportive' of the expected plan by U.S. Democrats to tax unrealized gains held by the country's roughly 700 billionaires, his spokesperson told Reuters Monday. The tax plan is expected to be unveiled this week in order to raise hundreds of billions of dollars to help pay for expanding the social safety net and tackling climate change. How do you tax UNREALIZED gains? It's literally not real. Well of course he is. He's been funding most of their political campaigns.
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