The illegitimate president has decided he will raise tax rates on “the rich” in his 2023 budget.
“The ‘Billionaire Minimum Income Tax’ plan under President Biden would establish a 20 percent minimum tax rate on all American households worth more than $100 million,” The Washington Post reported. “The White House plan would mandate billionaires to pay a tax rate of at least 20 percent on their full income, or the combination of traditional forms of wage income and whatever they may have made in unrealized gains, such as higher stock prices.”
The report said that billionaires would have to pay the difference between what they are paying now and the 20% rate, assuming they are paying under 20%. If they are paying more than 20%, then they would not owe anything additional under the new proposal.
One wonders if the Biden Crime Family will have to pay these taxes, because as of 2021, F. Joe Biden still owed $500,000 in Medicare taxes to the IRS.
“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,” a White House document says. “This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.”
This is not even remotely true. This from The Heritage Foundation:
The latest government data show that in 2018, the top 1% of income earners—those who earned more than $540,000—earned 21% of all U.S. income while paying 40% of all federal income taxes. The top 10% earned 48% of the income and paid 71% of federal income taxes.
This dementia-addled jackass is preparing to raise the top income tax rate to 39%. You know what will happen when that occurs? It will ensure all “the rich” will flee the country and take their money with them. This plan is insane, and will lead us to a recession, or worse, a depression.
The O.K. Corral 
As Will Rogers said: “The difference between death and taxes is death doesn’t get worse every time Congress meets.”
In 1913, the top tax bracket was 7 percent on all income over $500,000 ($11 million in today’s dollars); and the lowest tax bracket was 1 percent.
And it took the radification of the 16th Amendment to make it legal. The only way it passed was to get the majority of the population to think it didn’t affect them. Guess how long this “Tax the Rich” scheme will avoid taxing the peons.
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TXNick – His economy is already in the dumpster, so expect that to get even worse when the rich decide to head somewhere else. Then, it’ll be the middle class paying for this garbage.
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Yeah, the middle class will be paying for it…. as long as the middle class lasts. Which may not be very long at all.
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I give it three more years.
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Sixteenth Amendment
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
Unrealized Capital Gains are not income. Expect SCOTUS to get involved.
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I’d like to think so, but I don’t trust hardly anyone on the court besides Thomas and maybe Gorsuch.
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As if that will stop them. They ignore just about every other line in the Constitution anyway.
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Troof.
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If they are able to overturn a century of precedence and say unrealized income is taxable, we can expect that the goalposts will quickly shift from just billionaires down to everyone. Your IRA or 401k holdings, your house, your property. It becomes a national property tax instead of an income tax.
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One hundred percent correct.
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Oh, there are many issues with this sheeeeet…
this is just some of it
Another detail of the proposed tax hike should also run into opposition and a likely court challenge. The description of the amount of “income” to be taxed includes the phrase “unrealized investment income.” In other words, if the shares comprising your retirement plan or your stock portfolio go up by a given percentage, that increase will be treated as income and you’ll be taxed on it even though you haven’t cashed it in yet.
Let’s consider what that means. Let’s say you have amassed a healthy 401K over the years and the stock market rebounds to show significant gains, causing the total value of the fund to increase by one million dollars. You’ll have to pay the $200K bite out of that figure to Uncle Sam in what the White House is describing as “a prepayment of tax obligations these households will owe when they later realize their gains.” So what happens if the market tanks again the following year and all of those gains disappear? Will you get your $200K back? It certainly doesn’t sound like it. The reality is that “unrealized investment income” isn’t really income at all. It’s only potential income until it’s realized.
https://hotair.com/jazz-shaw/2022/03/27/biden-youre-just-going-to-love-my-plan-to-punish-the-successful-n458249
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This SOB is looking to ruin the middle class, and it’s going to happen.
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