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Main Forums => Politics => Topic started by: Ben on March 27, 2022, 04:48:30 PM

Title: "Billionaire Minimum Income Tax"
Post by: Ben on March 27, 2022, 04:48:30 PM

Biden is unveiling the "Billionaire Minimum Income Tax". To affect anyone worth $100 million or more. Public school math, I guess.

https://twitchy.com/jacobb-38/2022/03/27/it-is-being-noticed-that-headlines-about-bidens-billionaire-tax-are-inconsistent-with-reported-details-of-the-plan/

Title: Re: "Billionaire Minimum Income Tax"
Post by: HankB on March 27, 2022, 06:46:14 PM

His proposal includes taxing unrealized gains, such as stock or property that has gone up in value, but hasn't been sold. Lots of unsavory implications there.

Note - when the Federal income tax was first being proposed, it only was to apply to millionaires. And now look at it.

Title: Re: "Billionaire Minimum Income Tax"
Post by: Ben on March 27, 2022, 06:58:55 PM

Quote from: HankB on March 27, 2022, 06:46:14 PM

His proposal includes taxing unrealized gains, such as stock or property that has gone up in value, but hasn't been sold. Lots of unsavory implications there.

Yup. That there is third world dictator *expletive deleted*it.

Title: Re: "Billionaire Minimum Income Tax"
Post by: RoadKingLarry on March 27, 2022, 09:23:04 PM

I can real fast see that being applied to all "unrealized capital gains" since only millionaires own stocks.
Of course that would also apply to real estate. House now worth 3-4 times what you paid for it 30 years ago? Unrealized capital gains pay your taxes.
I'm also betting that you won't get any tax credits if your stock portfolio loses money.


 

Title: Re: "Billionaire Minimum Income Tax"
Post by: Bogie on March 28, 2022, 01:03:30 AM

Gonna suck for folks who have pension plans that have big portfolios. Why do Democrats hate teachers and firemen?

Title: Re: "Billionaire Minimum Income Tax"
Post by: 230RN on March 28, 2022, 02:29:20 AM

How wrong could he be?

Doesn't he know, like every schoolkid,  that a Hundred Million is a Hillion?

Jeeze Marie !

Title: Re: "Billionaire Minimum Income Tax"
Post by: WLJ on March 28, 2022, 08:19:24 AM

And those who give big bucks to certain democrat pet orgs, trusts, foundations, collect paintings, or other wise belong to certain "special" political and governmental groups will of course get an exemption

Title: Re: "Billionaire Minimum Income Tax"
Post by: HankB on March 28, 2022, 09:43:52 AM

Quote from: 230RN on March 28, 2022, 02:29:20 AM

How wrong could he be?

Doesn't he know, like every schoolkid,  that a hundred million is a hillion?

Jeeze Marie !

Only the kids in publik hai skuul.