Biden to Propose New “Billionaire Minimum Income Tax” of 20 Percent

[tiddlywinks]

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.

 

[nooby_mcnoob]

What are the chances this actually ends up as a raise in taxes for the middle class?

 

[tiddlywinks]

What are the chances this actually ends up as a raise in taxes for the middle class?

Last year, Yellen floated a $600 threshold (up from $400) before needing to be reported. LOL

 

[deaddog]

“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.

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.

 

[nooby_mcnoob]

Last year, Yellen floated a $600 threshold (up from $400) before needing to be reported. LOL

Our overlords are benevolent.

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.

Yep, this is exactly where it is going.

Normal people will have to sell their holdings to pay some taxes, and will have to pay taxes on that. This is the rhetoric they will use to avoid passing something for billionaires. They already know that. But they will still pass it for plebs.

 

[tiddlywinks]

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.

Everybody trade!!!!

 

[MKTrader]

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.

Exactly. First, it's "soak the REALLY rich (billionaires)." It won't take long (especially with inflation and a possible food crisis) to morph into "let's go after everyone making $100K or more!" Also, despite any sleight-of-hand accounting/stats they use, going after billionaires is a drop in the bucket. Unless we stop out-of-control spending (new $ trillion plus bills coming out all the time), getting a bit more tax from a tiny part of the population is meaningless. It's nothing more than demagoguery and class warfare politics.

 

[MKTrader]

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.

Not long. This is the Trojan Horse to float the idea but only on the "mega rich" for now. But once it's accepted and the precedent is set....

 

[MKTrader]

This might have some unintended (or are they?) consequences, too. If you're taxed on unrealized gains, the tax incentives for long-term holding go away (or at least go down, depending on the tax). This could lead to more panic selling during crashes and a market that doesn't gain as much--because the incentives for buy-and-hold are gone. It reminds me of some of these "sanctions" that could destroy the petro-dollar's reserve status eventually. The powers-that-be shouldn't want that to happen...right?
The Grant Williams Podcast: Luke Gromen - Grant Williams (grant-williams.com)

 

[nooby_mcnoob]

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.