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Home Front: Politix

Biden to propose new 'billionaire's tax' on richest Americans

2022-03-28

[NYPOST] The Biden Administration is poised to announce a new tax on the wealthy that could send Elon Musk into orbit.

Also biting the hands of all the internet/SiliconValley billionaires...and multimillionaires by the time they’re done.

Biden’s "Billionaire Minimum Income Tax" proposal would set a 20 percent tax rate floor on Americans worth more than $100 million

Tolja so.

— hitting not only their stated income, but also their unrealized gains on stock holdings and other forms of wealth.

The plan will be included in the budget proposal that the White House will roll out Monday, the Washington Post reported.

Musk attacked a version of the plan in October, when it was being considered as a way to help pay for Biden’s since-abandoned "Build Back Better" social spending bill.

"Eventually, they run out of other people’s money and then they come for you," the multi-billionaire Tesla CEO and SpaceX founder posted on Twitter last year.

The proposal would cut projected federal deficits by more than $1 trillion over the next decade, according to a fact sheet released Saturday by the White House Budget Office.

Biden’s new tax could raise up to $360 billion over 10 years, say the aides who developed it, and would fall on the richest 700 Americans.

Posted by:Fred

#3 Better watch out; after another policy fail they may want to shoot the moon. All that Covid! Covid! play along ain't gonna save you.

Class warfare, social warfare so ugly.

Biden’s new tax could raise up to $360 billion over 10 years

Which is fkning garbage rounding after the last spending bill.

Posted by: swksvolFF 2022-03-28 14:08

#2 Eventually, the tax will roll down through the millionaires and finally to us thousandaires. By then we will all be share cropping soy beans as we enjoy our promised happiness without possessions, as George Soros’s diembodied brain floats tranquilly suspended by electrodes in a vat of clear gooey stuff.

Posted by: Super Hose 2022-03-28 13:06

#1
PROPOSE ALL HE WANTS
The uber/elite $$$$$ will either move their $$$$ to international locations or have Congressional purchased puppets adjust the tax code for them.

Seriously, America was told by the DEMOCRATS that the 1913 Income Tax laws were aimed at the Super Rich (class warfare). Look what it has become now. In 1913 it was a 400-page legal information document, today it is over 74,000 pages full of Loop Holes for the Rich.

The 1913 Tax Table was basically 1% ($20K in 1913 $$) to 7% ($500K in 1913$$ ) with normal income earners paying near nothing, IF at all.

BTW: $20,000 (1913) adjusted for inflation is $573,163.64 in 2022 and $500,000 adjust for inflation is $14,329,090.91 in 2022,

SO until we have a Simplified 10% Flat Tax applied to all, and DC learns to live with a budget based on the previous years' collected revenues, there will be no equality.

Posted by: NN2N1 2022-03-28 08:52

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