How the proposed billionaires' income tax would work

to the nonprofit news organization ProPublica earlier this year, have found that the ultra-wealthy use legal loopholes to avoid paying taxes on their wealth gains -- such as keeping their reported income, and thus income taxes, to just a fraction of what their net worth actually is.

"The way the system works today is that if you make a profit on assets that you hold, they're worth more at the end of the year than the beginning. You don't pay tax unless you sell those assets," Howard Gleckman, a senior fellow in the Urban-Brookings Tax Policy Center, told ABC News on Wednesday."There are trillions of dollars in increased value of assets that simply go untaxed," Gleckman added.

The proposal contains rules to help smooth the transition, such as being able to treat up to $1 billion of tradable stock in a single corporation as a non-tradable asset. It would also let billionaires elect to pay tax over five years the first time the billionaires' tradable assets are marked to market.

This definition of income has benefits to working- and middle-class Americans, as they do not have to pay taxes on retirement savings such as their 401s when they increase in value until they cash out.

Ta x the stinking rich!

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Moscow would be glad to have you.

Whats the problem? Your so rich you wouldn't even notice it. Come on Elon. Stop the bullshit and help this country out.

Tell you what ABC. If I can be taxed on the value of my property, then billionaires can be taxed the same way!

ABC News is asking for a friend.

If course the millionaire Republican executives at would try to insinuate that a billionaire actually having to pay taxes may not be constitutional. Just stop, you're humiliating yourselves.

Is it constitutional? Look at your gross pay vs. net while this guy wipes his ass with 100’s?

fair shares of all

Millionaires & billionaires would be hit, it’s win, win.

Twitter has blocked me from pasting my tweet. PLEASE SPREAD WHAT I ALREADY TWEETED !!!!! Time to renounce our citizenship to this Gov. and claim illegal status and by law we have family and children here and must stay. That’s JoeKamalaPelosi

It's time they gave back!!! NoTaxesNoFreeRide

Of course is constitutional 🙄

15 Highest paid world leaders and presidents in 2021 Annual salary age

PUBLICE ENEMY NUMBER ONE. ?!

You tax the billionaires. It's quite simple. No one shoulf have that much wealth.

Who is asking if it’s constitutional and why wouldn’t taxing the wealthiest people in the world be constitutional?

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Constitutional?

good

Are property taxes constitutional? You should look into that.

Of course it is

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How the Billionaires Income Tax Would WorkThe plan would eliminate billionaires’ ability to defer capital-gains taxes indefinitely, and it would impose multibillion-dollar tax bills on people such as Jeff Bezos and Elon Musk, who has criticized the plan. Do you know you can get $44,000 in 7 days with an investment of $2,000 and $1,000 can get you $22,000 in 7 days, invest on binary option and Bitcoin trading today also get a proper account management system with good marketing trends .. Seems like a rehash of many state intangibles taxes from the 70's and 80's that were routinely found unconstitutional.
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Elon Musk Throws a S--t Fit Over the Possibility of Being Taxed His Fair ShareAs a reminder, Musk was worth $287 billion as of yesterday and paid nothing in income taxes in 2018. 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣 O how awful for him , he must be beside himself FFS 🤦‍♀️ 🤦‍♀️🤦‍♀️
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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.
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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.
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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.
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