Biden unveils massive tax hikes on the
rich as part of bid to cut $3trillion
of the deficit in 10 years: President's
budget to include 25% tax on billionaires
after warning in State of the Union the
wealthy will 'pay their fair share'
Daily Mail (UK),
by
Emily Goodin
Original Article
Posted By: Imright,
3/11/2024 12:01:53 PM
President Joe Biden's budget proposal includes a 25% tax hike on billionaires, tax breaks for families, new social programs, and lower health care costs - all designed to appeal to voters as he seeks a second term.
His plan, released on Monday, will serve as important message to voters as he seeks to reassure them about his stewardship of the economy and his plans to lower the deficit.
It will also serve as a contrast between his vision for the country and that of his rival Donald Trump.
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Reply 1 - Posted by:
Gordon Mills 3/11/2024 12:08:34 PM (No. 1675270)
Define billionaire and how many loopholes are available to determine their status. Those threatened have wherewithal to pack and move to friendlier climes. Then no tax revenue nor the jobs they create.
24 people like this.
Reply 2 - Posted by:
privateer 3/11/2024 12:11:48 PM (No. 1675271)
When the last batch of Bolsheviks took over, wasn't the 'Fair Share' 100%, and maybe your life?
18 people like this.
Reply 3 - Posted by:
singermom9 3/11/2024 12:13:34 PM (No. 1675275)
Except for HIS kids who NEVER pay at all. Some billionaire pays for them.
I have no product to sell how do I get millions from China joey.
20 people like this.
Reply 4 - Posted by:
red1066 3/11/2024 12:21:53 PM (No. 1675284)
What? No spending cuts? No elimination of federal departments? No decrease in the federal work force? No trimming of the federal budget at all? It's just tax and spend.
32 people like this.
Reply 5 - Posted by:
chance_232 3/11/2024 12:24:28 PM (No. 1675287)
My opinion will be determined by the percentage of the wealthy that support the Democrats. Frankly, they should pay a surcharge.
11 people like this.
Reply 6 - Posted by:
weirdone 3/11/2024 12:30:02 PM (No. 1675295)
It has been reported that government consumes over 42% of GDP. How much is enough? How much better off would we be if government was cut by 50%?
22 people like this.
Reply 7 - Posted by:
Starboard_side 3/11/2024 12:33:45 PM (No. 1675300)
Much of this will play well with many out there, but doesn't stop the Continuing Resolution budgeting process which is only supposed to be for emergency. However, they wait until the last minute to approve a "budget" and use the CR since it's an emergency they created by waiting until the last minutes.
Also need to get SALT increased to $25,000 which would help a LOT of higher income, but not rich, families.
It's enough to make a difference, but not a giveaway to the rich (millionaires and billionaires).
5 people like this.
Reply 8 - Posted by:
LC Chihuahua 3/11/2024 12:42:57 PM (No. 1675307)
The more they tax, the more they spend. Cut the debt?!? Forget about it!
Btw, the rich and corporation won't be paying for this tax hike. The consumer will. That's you and me. Washington views corporate America and the rich as tax collectors and doesn't expect them to foot the bill.
19 people like this.
Reply 9 - Posted by:
jalo1951 3/11/2024 12:43:34 PM (No. 1675308)
Does Hunter know? s/o STOP the spending!
7 people like this.
Reply 10 - Posted by:
DVC 3/11/2024 12:43:48 PM (No. 1675309)
Cut Spending. 5% across the board, each year 5% less.
14 people like this.
Reply 11 - Posted by:
bamboozle 3/11/2024 12:48:38 PM (No. 1675319)
How does Brandon define billionaire? Is it by income, or by total wealth?
9 people like this.
Reply 12 - Posted by:
mc squared 3/11/2024 12:59:57 PM (No. 1675325)
A 25% tax hike on billionaires, tax breaks for families, new social programs, and lower health care costs, $35 insulin',.. on and on...
It's The "Biden Miracle"
7 people like this.
Reply 13 - Posted by:
cor-vet 3/11/2024 1:06:49 PM (No. 1675329)
But you can bet there will be no tax on the 'big guy' and his 10%, any member of his family or 'Dr.' Jill !
8 people like this.
Reply 14 - Posted by:
oldmagnolia 3/11/2024 1:10:56 PM (No. 1675340)
Translation: everything will cost more.
10 people like this.
Reply 15 - Posted by:
Hermit_Crab 3/11/2024 1:13:25 PM (No. 1675346)
*** " Cut $3trillion of the deficit in 10 years: "***
Meanwhile, the 0'Biden Regime is SPENDING a trillion dollars every hundred days. That is 3.65 Trillion a year spent. So if this mythical Unicorn Tax actually even worked, they would still be further in the hole of debt in one year than they pretend to save in ten years.
8 people like this.
Reply 16 - Posted by:
stablemoney 3/11/2024 1:19:45 PM (No. 1675356)
Maybe they will have less to spend on stealing elections, and paying media for narratives. No one stepped forward to defend the unvaxxed!
6 people like this.
Reply 17 - Posted by:
DiegoDude 3/11/2024 1:20:02 PM (No. 1675357)
Never had a poor man sign my paychecks. Let's see how much higher inflation goes with this dumb idea.
12 people like this.
Reply 18 - Posted by:
Mcscow sailor 3/11/2024 1:29:58 PM (No. 1675368)
The difference is clear, Death defying taxes to support a massive federal state, versus limited taxes and smaller federal gov. Clear to me. All that said, the proposed tax increases are a piffle in federal income and might result in a decrease in collections
5 people like this.
Reply 19 - Posted by:
24tea@Mag 3/11/2024 1:34:30 PM (No. 1675375)
This man is spending into eternity. He is out of his skin, since he has no mind.
6 people like this.
Reply 20 - Posted by:
leonardo 3/11/2024 2:51:01 PM (No. 1675441)
If you think that the Middle Class will somehow be immune from the Sniffer's Tax Attack, you're living in fantasy-land ....The Sniffer is an equal opportunity confiscator because there's ALWAYS more Sniffer government spending that's looming. If he COULD, he'd confiscate ALL of your assets (and he just might do that illegally).
6 people like this.
Reply 21 - Posted by:
Hermit_Crab 3/11/2024 3:10:13 PM (No. 1675448)
Indeed , #20. No matter how much the government taxes them, Corporations don't actually pay taxes. The people who buy their products or services do, via raised prices. 'Corporate Taxes' are merely hidden taxes on consumers and mostly eventually upon those who can afford it least.
And as far as the 'Millionaires and Billionaires Tax'... 0'Biden could confiscate EVERY CENT they have, and only cover three months of his current spending.
6 people like this.
Reply 22 - Posted by:
Lake Dweller 3/11/2024 3:18:55 PM (No. 1675453)
Don’t worry Joe. House Republicans are too weak to stop you and Swnste Republicans will support it.
3 people like this.
Reply 23 - Posted by:
Foghorn 3/11/2024 3:22:31 PM (No. 1675454)
The top earning businesses pay 10% of the taxes, the middle pay the rest, will about 50% do not pay any taxes. The 50% that don't pay taxes are eligible for an earned income estimated tax return of up to $5,000. Increasing taxes on top businesses mean some will be laid off. Taxes of 28% will cause many job losses. Increases taxes is part of a socialist or communist system that says from those with ability to those in need. The problem is the government determines those in need. There are now about 8 million ILLIGAL aliens in the country. They are all in need. Under President Bush Democrats complained there are 30 million ILLIGAL aliens in America and that cost tax payers 90 billion dollars. How long will Americans allow this behavior by the government?
6 people like this.
Reply 24 - Posted by:
formerNYer 3/11/2024 4:00:04 PM (No. 1675482)
More help for the economy to tank. bidenomics will be so meesed up by the election that they'll have to cheat even more massively. Joe biden 90 million votes!
3 people like this.
Reply 25 - Posted by:
kennedylaw 3/11/2024 4:00:05 PM (No. 1675483)
If the Brandon Regime confiscated every cent owned by billionaires in the U.S. it would not cover a fraction of Brandon's spending in one year.
3 people like this.
Reply 26 - Posted by:
paral04 3/11/2024 4:22:50 PM (No. 1675497)
HIs billionaire supporters will find a loophole that only the Left know about. Anyway, I'd love to see the Biden's and tax returns and what they have claimed as income. I bet it is another set of fairy tales.
2 people like this.
Reply 27 - Posted by:
Jesuslover54 3/11/2024 4:39:57 PM (No. 1675509)
The power to tax is the power to.. what was it again?
4 people like this.
Reply 28 - Posted by:
JimBob 3/11/2024 10:12:58 PM (No. 1675687)
The truly rich have enough smart people working for them to avoid the increased taxes. They have already told their accounting staff to watch as the bills develop so as to take advantage of the loopholes that are written into them, and to move the assets overseas that cannot be put into one of the loopholes.
The Billionaires will not be paying the taxes. The 'Gimme-Dat-Democ'RATS' will not be paying the taxes.
The working stiffs will be paying the taxes.
As usual.
1 person likes this.
Reply 29 - Posted by:
mifla 3/12/2024 7:14:43 AM (No. 1675851)
Obamacare: You can keep your doctor, you can keep your plan, and your premiums will go down by $2500. Just trust us.
SSDD
0 people like this.
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