Biden to propose "billionaires tax" in the 2024 Budget

Good, make it wealth as well.

 

@adoo

This was how the plan was described last month:

https://www.cnbc.com/amp/2023/02/09/joe-bidens-billionaire-tax-is-dead-on-arrival.html

Under current tax law, securities gains aren't taxed until the owner sells them. Under Biden's proposal, the ultra-wealthy would owe an annual tax of 20% on unrealized gains or losses in the value of those assets, whether or not they had actually pocketed that gain by selling them.

The plan is "DOA and stupid to boot," billionaire investor Leon Cooperman told CNBC in an interview. Cooperman says he voted for Biden in 2020, but he accused Democrats of deliberately misleading people about how the billionaire tax proposal would work.

They "lie about the taxes billionaires pay," he said, "as they include unrealized gains as part of income."

White House economist Jared Bernstein disputed this, telling CNBC on Wednesday that "unrealized gains" were not what was being taxed.

"What it really is, or at least the way we see, it is a prepayment or withholding tax on future capital gains," he said Wednesday on "Squawk Box." The White House didn't respond to follow-up questions from CNBC about the plan.

The billionaire tax proposal is "completely dead on arrival," said Charles Myers, a 2020 bundler for Biden's presidential campaign and the chairman of Signum Global, an investment advisory firm.

Myers said the purpose of Biden's billionaire tax announcement, however, was never to jump-start a negotiation in Congress.

"Last night was Biden's unofficial 2024 reelection launch," Myers told CNBC in an interview. The billionaire tax plan, he said, was part of his campaign "messaging points."

"Those tax increases will never get through a Republican House," added Myers. "Probably not even through a Democratic Senate."
​

 

I would be in favor of giving billionaires the option of putting 20% of their physical selves into a wood chipper.

 

Can we get a AMEN????

 

I haven’t read all the details and it sounds like those are still being worked out. As others have noted this doesn’t have a chance to pass and if more likely just a position to start negotiations and to put political pressure on Republicans.

 

What a horror! It is against "libertarianism" and modern US conservatism. Such a tax could result in going back to the old days of the 50's and 60's in which we had more equality and many average Americans could afford healthcare, college and had a pension in addition to social security.

 

why not just print enough money to fund all that?

 

I am absolutely fine with raising the tax. My issue is taxing unrealized gains. It isn't cash or actualized earnings. Tax the hell out of it once it is cashed out. That's fine.

 

Democrats fundamentally beleive that the wealthy should pay their fair share. It's a question of morality.



What do you not agree with?



Seems good

 

"Make America great again!!!"

"When you say 'again' do you mean your halcyon days of the 1950s and 1960s?"

"Yes!"

"Ok, so we're going to raise taxes on the wealthiest people in the country, just like they were in those days, in order to fund things, bring costs down and give ordinary people a shot in this economy"

"No, not like that!!!"

 

Repubs mean the good old days before the War of Northern Aggression

 

You've been conned by simplistic econ as funded by the Koch and the like. Poor econ, but effective propaganda

 

Well the Republicans are out trying to convince their voters that their kids are being taught in a w**** house while being taught by gay and or sexually deviant spawns from Satan ......... so it is only right for the Democrats to roll out the old "the people that live in the hills are ripping you off".

 

Why can't we go back to the good old days when I just wanted to see my big breasted English teachers boobs?

 

Never heard the Koch's advocate printing money.

 

I'm a big fan, massive deficits will only hasten the transition to a sound money bitcoin standard.

 

You're a crypto guy?

 

Crypto is a scam, bitcoin will save humanity