FILE - President Joe Biden sits in the Oval Office of the White House, on March 4, 2022, in Washington. A “Billionaire Minimum Income Tax” included in President Joe Biden's proposed budget for the next fiscal year is part of the administration’s larger effort to reduce the federal deficit over the next decade. The White House says the proposal would eliminate the "sheltering of income for decades or generations.
FILE - President Joe Biden sits in the Oval Office of the White House, on March 4, 2022, in Washington. A “Billionaire Minimum Income Tax” included in President Joe Biden's proposed budget for the next fiscal year is part of the administration’s larger effort to reduce the federal deficit over the next decade. The White House says the proposal would eliminate the "sheltering of income for decades or generations.
— part of the administration’s effort to reduce the federal deficit over the next decade and fund new spending. The proposal “eliminates the inefficient sheltering of income for decades or generations,” the White House says. Whether Congress will approve is a major question as the administration outlines its hope to tax the nation’s highest earners.The budget proposes that households worth more than $100 million pay at least 20% in taxes on both income and “unrealized gains”— the increase in an unsold investment’s value. For many wealthy individuals, the administration says, that “true income” never gets taxed since it can be held onto for decades and sometimes generations.
Tax all the wealthy more, and they hop in their private jets, sell their mansions, and say Bye Bye. Then they live in another country, and you have far less money for schools, roads, emergency services etc. Socialists are too dumb to think of that unfortunately.
My prediction is this budget proposal (I think it’s Sen. Ron Wyden’s plan) is DOA with the Nov. midterms coming up. Taxing unrealized gains for the first time in history? Terrible idea..
Just give it some fancy name, 'freedom tax' or so
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