Won't ever come to the middle class imo. Billionaires can easily cover unrealized gains, middle class can't. Simple as that.
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Biden to Propose New “Billionaire Minimum Income Tax” of 20 Percent
- Thread starter tiddlywinks
- Start date
Income tax does not affect the majority? Nonsense. It affects 98% of the population if you remove the unemployed. Who earns income that is so low that it won't be taxed at all?
The income tax was originally marketed as only affecting the top 0.01%. Where I live, they passed a 1% income tax on all income above $200k. I hate that kind of tax because most of the population is exempt from it. Like "oh, yeah, let's help the homeless, but I don't want to pay for it, how about that guy, yeah, f*ck him, make that a**hole pay for it, not me!" and then they can still pat themselves on the back for helping the homeless even though all they did was force someone else to. Everyone should have some skin in the game, even if it's only a few bucks.
Income tax does not affect the majority? Nonsense. It affects 98% of the population if you remove the unemployed. Who earns income that is so low that it won't be taxed at all?
Not true, my country or rather metro area recently passed an income tax on all income above $200k. Those who earn less then that don't pay it which is most people. However, those people who won't be impacted by it still get to vote on it. I don't see it as being much different from a bill where only people whose last name has 7 letters are forced to pay a tax. If everyone voted based on self interest rather than ethics, it would pass.
Won't ever come to the middle class imo. Billionaires can easily cover unrealized gains, middle class can't. Simple as that.
That's also not true. Recently Elon was forced to sell billions in stock just to cover stock that was granted to him as part of his compensation package. If he had to also cover unrealized gains, will obviously then he'd have to sell about half his total holdings. That would have an impact on the stock. He would become less invested in his own company.
How does he know the billionaires identity? Is he compiling a dossier on every citizen?Fun times ahead!! Announcement/presser of 2023 budget to take place tmrw, Monday March 28, 2022.
Daniel Politi- 5h ago
https://www.msn.com/en-us/news/poli...-income-tax-e2-80-9d-of-20-percent/ar-AAVxTrS
“The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income, including unrealized appreciation,” the White House said.
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You mean so that people were able to invest less? Is that the purpose of taxation?Tax is also a way to remove some money from circulation, so it could help reduce inflation and handle the asset bubble at the same time.
It's the "unrealized appreciation" that would concern me. Once it's good enough for billionaires how long before it is good enough to the rest of the population.
it will be DOA.
Most super wealthy are super illiquid. They will lobby it to the ground.
You mean so that people were able to invest less? Is that the purpose of taxation?
The effective purpose of taxation is to favor some over actions over others. For a long time, capital investment was favored over labor.
They still pay federal income tax I assume.
Not true, my country or rather metro area recently passed an income tax on all income above $200k. Those who earn less then that don't pay it which is most people. However, those people who won't be impacted by it still get to vote on it. I don't see it as being much different from a bill where only people whose last name has 7 letters are forced to pay a tax. If everyone voted based on self interest rather than ethics, it would pass.
And who fucking cares. Are we gonna worship the elites or are we gonna build a society where the top also pays its fair share. Am tired of the constant abuse of loopholes and the mere existence of them all for the exclusive benefit of the elites. Top earners in Europe get taxed to hell and yet their societies are striving. Did you check where almost ALL of the most recent super yachts were built? Not in Miami. Not in Hong Kong. But it high tax domiciles. Pure pieces of art and engineering wonders. And the list goes on. Coincident, the same places in Europe provide the world's best medical services to an entire middle class. Have you checked how long people in North America on average have to wait for a mammography or an MRI? It's ridiculous. Tired of worshipping the elites and their lobbyists.
That's also not true. Recently Elon was forced to sell billions in stock just to cover stock that was granted to him as part of his compensation package. If he had to also cover unrealized gains, will obviously then he'd have to sell about half his total holdings. That would have an impact on the stock. He would become less invested in his own company.
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