Biden unveils new billionaire's tax plan
aimed at the 0.0002%, which will force
them to pay annual levies on their stocks
and bonds
Daily Mail (UK),
by
Adam Manno
Original Article
Posted By: Ribicon,
10/24/2021 1:44:48 PM
President Biden and Senate Democrats are drafting a plan that would tax the stocks and bonds of the wealthiest 0.0002 percent, an idea popularized in some 2020 campaigns but still not fully supported within the Democratic Party. The new 'Billionaire Income Tax' is being written by Senate Finance Committee Chairman Ron Wyden, a Democrat from Oregon, with input from the Treasury Department and the White House. As it stands, billionaires use much of their money to buy assets like stocks, which are currently only taxed when they are sold. The new plan would levy annual taxes on those assets for the ultra-rich while they're still in the hands
Reply 1 - Posted by:
Rabid Wombat 10/24/2021 1:49:07 PM (No. 956125)
Camel’s nose is at the edge of the tent….
15 people like this.
Reply 2 - Posted by:
montwoodcliff 10/24/2021 2:00:57 PM (No. 956137)
Stocks can also go down. Besides, this is so unspeakably immoral, that I’m at a loss for words. Democrats seem to have this innate urge to punish anyone who has achieved success. And then they grab the money to impose these social programs to buy votes. Will their billionaire friends in Big Tech go along with this? Of course they will, since the amount of money confiscated from them is a drop in the bucket relative to their overall fortunes. But watch the Van Gogh’s, Picasso’s and Monet’a command out of sight prices and crypto currencies balloon to never seen before heights. There are consequences to every change.
11 people like this.
Reply 3 - Posted by:
Stencil 10/24/2021 2:04:38 PM (No. 956145)
This sort of mark to market valuation of equities will have results on the economy similar to taping a quarter to a ceiling fan blade - wobbly eccentricity.
3 people like this.
Reply 4 - Posted by:
paral04 10/24/2021 2:14:56 PM (No. 956155)
Yeah, sure it will only be the top 2 x10 minus 4 percent but someone it will sneak through and it will be everyone. How are the art sales going Joe? Have enough to buy your own island yet?
6 people like this.
Reply 5 - Posted by:
bad-hair 10/24/2021 2:24:21 PM (No. 956168)
So Musk and Bezos will say 'OK Dems. However much you tax me I'll just pay it out of your campaign contributions.
Maybe even toss a little extra to your opponents.'
4 people like this.
Reply 6 - Posted by:
Hugh Akston 10/24/2021 2:27:29 PM (No. 956173)
You mean just how when the Income Tax was instituted in 1913 it was only directed to an infinitesimally small percentage of the population?
16 people like this.
Reply 7 - Posted by:
MOBeef4u 10/24/2021 2:29:13 PM (No. 956176)
And if that works just start moving that decimal point to the right. It’s what the Left always does. Incrementalism works!
15 people like this.
Reply 8 - Posted by:
Birddog 10/24/2021 2:50:23 PM (No. 956194)
nearly ALL of the people effected by this are yuuuge Dem/Biden donors, he doesn't need a "Law", only needs to "Ask them" surely they will just cough up whatever he asks for....right?
"Sign over 5% of your net worth every year..C'mon Man"
Biden made $18 Million himself over the last 2 years, only paid taxes on $800k.
HE can cough up 37.5%, the current Law, first... as a "show of Faith"
Pelosi is worth over $300Million, 2/3 of which she "Earned" in the last 2 years...She can pony up too...and have all of her mega donors do the same.
Zuck "invested" $300 mill in the last election, just for Dems...match it with a check to the General Fund.
Taxes are just a mandatory minimum...they are ALL free to send in as much as they Choose.
5 people like this.
Reply 9 - Posted by:
lakerman1 10/24/2021 3:10:39 PM (No. 956212)
The obvious follow-on target is pension fund stock holdings.
Back during Dollar Bill Clinton's first term, a girl assistant secretary of the Treasury pushed a one time tax of all pension funds -18 percent, I recall, which would go towards reducing the national debt.
5 people like this.
Reply 10 - Posted by:
Plex 10/24/2021 3:16:05 PM (No. 956220)
There is no provision in the Constitution for a wealth tax
9 people like this.
Reply 11 - Posted by:
Sandpiper 10/24/2021 3:20:43 PM (No. 956228)
You mean the ultra wealthy won’t pay someone to tell them how to avoid the new tax?
Won’t work. So the net will be made larger. And larger. Until all are caught in it.
4 people like this.
Reply 12 - Posted by:
justavoter 10/24/2021 3:22:27 PM (No. 956234)
I thought we already had a Supreme Court ruling against this
2 people like this.
Reply 13 - Posted by:
DVC 10/24/2021 3:28:13 PM (No. 956247)
Former Texas Senator Phil Graham once said it very well.
Paraphrasing, "People always talk about taxing the wealthy. You don't want to get rid of wealthy people. I've worked a lot of different jobs in my life, and I was never hired by a poor person."
This will, of course, crush a lot of job creation and economic growth.....like everything else these Marxist morons do.
6 people like this.
Reply 14 - Posted by:
judy 10/24/2021 4:08:14 PM (No. 956279)
Will Biden tax so called artists???
5 people like this.
Reply 15 - Posted by:
Digger 10/24/2021 4:13:00 PM (No. 956287)
Of course I am not a billionaire and would not be subject to the tax as proposed but it seems to me to be outright theft: “you have it, we want it. We are taking it.” This is contrary to equal treatment under the law.
I have considered converting my IRA funds to a Roth IRA to avoid the annual required minimum distribution. My wife and I would also pay less for my Medicare levy which goes up with increases in retirement income (yes, that’s another tax). I would have to pay taxes on the conversion which would be at the highest bracket for personal income tax. Why don’t I bite the bullet and do it? I think a future theft will be to break their word and tax the Roth.
2 people like this.
Reply 16 - Posted by:
stablemoney 10/24/2021 4:17:29 PM (No. 956291)
Billionaires can live in any country they like.
3 people like this.
Reply 17 - Posted by:
chance_232 10/24/2021 4:17:48 PM (No. 956292)
Considering the fact that the vast majority of stupidly wealthy people complain that taxes are too low. AND they almost universally back democrats.... I am completely in favor of this. In fact, democrats should double the tax.
I believe that the stupidly wealthy should get the government that they endorse, good and hard. Hollywood and all associated production companies, throw in social media companies should face confiscatory taxes too.
The republican response should be, a shoulder shrug and a sorry......you paid for a majority democrat government. Enjoy the suck.
0 people like this.
Reply 18 - Posted by:
udanja99 10/24/2021 5:16:05 PM (No. 956347)
#13, or as Rush Limbaugh said, “Name one country which has taxed itself into prosperity.”
7 people like this.
Reply 19 - Posted by:
bad-hair 10/24/2021 5:21:53 PM (No. 956352)
Biden seems fond of the term 'over the horizon['. And lurking just 'over the horizon' is a VAT tax. Hey 'folks' ALL the Europeans do it and they're smart.
3 people like this.
Reply 20 - Posted by:
snowoutlaw 10/24/2021 6:28:52 PM (No. 956394)
This will hit a lot of Congressmen and Senators, most of them Democrats. Nice to see Romney has finally found a Democrat tax idea he doesn't like. The Democrats/commies have wanted to tax wealth for years but wealth is not income. Easy to avoid this, just don't make over 100 million for more than 2 years straight.
0 people like this.
Reply 21 - Posted by:
leonardo 10/24/2021 6:47:35 PM (No. 956404)
Government has PROVEN that taxation ostensibly aimed at "the rich" is eventually levied on most taxpayers. Check out who the income tax was supposedly aimed at ... the "robber barons." So you'd better FEEL like you are a baron because you'll pay taxes like one sooner or later. Who actually pays the most in income taxes? It is the top 10% of income earners. And the FACT that many pay NO income taxes at all (because they earn less income) means that these non-income tax payers have "no skin in the game" ... they TAKE services but give nothing, ...THEIR votes are "for sale." Think dependent-on-government illegal immigrants.
4 people like this.
Reply 22 - Posted by:
caljeepgirl 10/24/2021 10:09:45 PM (No. 956483)
Exactly, #10! Unconstitutional and immoral! And that's just for starters!! Elizabeth Warren must have really been bending Joe's ear.....
2 people like this.
Reply 23 - Posted by:
BillW. 10/25/2021 5:02:43 AM (No. 956586)
This Deep-State tyrant started destroying American on Day One and has no business being president. Another civil war is more than justified, for it would get rid of him at gunpoint.
2 people like this.
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Because such people do not hide their assets in charitable trusts, or offshore. Because these people are not powerful enough to have loopholes and exemptions built into the tax code. Because the US Congress is not bought and sold. Because the US government cannot possibly cut spending. Because this scheme is not merely a precursor to taxing every asset held by everyone but the 0.0002%.