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Biden to propose "billionaires tax" in the 2024 Budget

Discussion in 'BBS Hangout: Debate & Discussion' started by adoo, Mar 8, 2023.

?

Do you support a "billionaires tax"

  1. yes

    26 vote(s)
    86.7%

  2. no

    4 vote(s)
    13.3%
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  1. adoo

    adoo Member

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    Effectively, it is a a billionaires' minimum tax.

    It calls for a 20% minimum income tax on multimillionaires and billionaires, which Biden said would lead to a fairer tax code and would prevent the nation’s highest earners from paying a smaller share than middle-class Americans.

    The tax would apply to American households with income > $100 million – about 0.01%, representing the 700 richest Americans. It could create an additional $361 billion in tax revenue over the next decade.

    In a typical year, thanks to the many tax loopholes and Trump's elimination of the Alternative Minimum Tax (AMT) billionaires pay an average tax rate of just 8%, according to the White House. For middle class households with income between $100K and $200K. the effective tax rate ranges from 15% to 25%. A minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers / firefighters / engineers / medical technicians, etc, Biden said.
     
    #1 adoo, Mar 8, 2023
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  2. FranchiseBlade

    FranchiseBlade Member
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    Sounds good to me.
     
    #2 FranchiseBlade, Mar 8, 2023
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  3. AroundTheWorld

    AroundTheWorld Member

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    No.

    The tax is not on INCOME > 100m, it's on WEALTH > 100m.

    That's money that has already been taxed.
     
    #3 AroundTheWorld, Mar 8, 2023
  4. Newlin

    Newlin Member

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    I didn’t get that from the article.
     
    #4 Newlin, Mar 8, 2023
  5. Commodore

    Commodore Member

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    Why tax when they can just print it?
     
    #5 Commodore, Mar 8, 2023
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  6. ThatBoyNick

    ThatBoyNick Member

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    Wealth over 100 million is getting taxed at 20%?

    Thats awesome
    [​IMG]
     
    #6 ThatBoyNick, Mar 8, 2023
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  7. AroundTheWorld

    AroundTheWorld Member

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    No, fortunately not.
     
    #7 AroundTheWorld, Mar 8, 2023
  8. adoo

    adoo Member

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    you have poor reading comprehension.


    ATW, read again carefully.

     
    #8 adoo, Mar 8, 2023
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  9. adoo

    adoo Member

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    for you info.

    wealth is not money that is already been taxed.

    the current IRS tax code is applicable to taxable income, not wealth
     
    #9 adoo, Mar 8, 2023
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  10. AroundTheWorld

    AroundTheWorld Member

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    "The tax would apply to American households with more than $100 million" - this is wealth, not income.

    Trust me, I have looked at this, for good reason.
     
    #10 AroundTheWorld, Mar 8, 2023
  11. AroundTheWorld

    AroundTheWorld Member

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    unless you robbed a bank, it is
     
    #11 AroundTheWorld, Mar 8, 2023
  12. adoo

    adoo Member

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    what part of this you don't understand ?

     
    #12 adoo, Mar 8, 2023
  13. AroundTheWorld

    AroundTheWorld Member

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    #13 AroundTheWorld, Mar 8, 2023
  14. Xopher

    Xopher Member

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    I think you missed the part where they would only be paying the tax on their taxable income and on the GAINS of their tradable assets. You bolded the wrong part. (EDIT: They are not paying tax on their net worth. Their net worth is the qualifier.) I know English isn't your first language so you can be excused for not understanding.
     
    #14 Xopher, Mar 8, 2023
    Last edited: Mar 8, 2023
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  15. AroundTheWorld

    AroundTheWorld Member

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    I know exactly what would be taxed, but the "qualifying criteria" to be taxed = wealth, not income.

    P.S.: Thanks for being lenient with someone who is FOB like me. English is indeed not my first language, apologies for that.
     
    #15 AroundTheWorld, Mar 8, 2023
  16. Xopher

    Xopher Member

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    Yep. But you were saying before their wealth would be taxed. It isn't.
     
    #16 Xopher, Mar 8, 2023
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  17. Xopher

    Xopher Member

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    But you're not American. Loophole? ;)
     
    #17 Xopher, Mar 8, 2023
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  18. AroundTheWorld

    AroundTheWorld Member

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    Well.

    Technically, you are indeed correct, but if I say you get taxed on your income if your wealth is more than 100k, then technically, your income gets taxed, but whether that happens depends on your wealth. So, your wealth is the determining factor for whether you get taxed. This may be a more tangible example for most people.
     
    #18 AroundTheWorld, Mar 8, 2023
  19. AroundTheWorld

    AroundTheWorld Member

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    Sadly, no. lol

    But I am fully aware this is verrrrrrrry much a first world problem.

    And it's not something I would cry about. I just conceptually disagree with it, although I get the idea behind it.

    And, to be fair, even with this, the people who would be "affected" by it would pay higher taxes in most places in the world not called Monaco.
     
    #19 AroundTheWorld, Mar 8, 2023
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  20. durvasa

    durvasa Member

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    It sounds like the plan is to tax increases in net worth, not simply income and capital gains. That is more of a wealth tax, isn’t it?
     
    #20 durvasa, Mar 8, 2023
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