Biden’s 2023 budget would hike taxes on the ultra-rich and corporations, boost defense and police spending

[Chomsky]

Biden's 2023 budget would hike taxes on the ultra-rich and corporations, boost defense and police spending

The request to Congress features a new "Billionaire's Minimum Tax," a 20% income tax rate for the top 0.01% earners and households worth more than $100 million.

www.cnbc.com

--

With so much other news taking place, it seems Biden's new budget has yet to be posted here; so here it is! Rather than do my usual quoted excerpts, there's so much here it's probably best to simply read the article. However, I will put down several things that jumped-out for me:

- Corp taxes up from 21% to 28%
- Minimum 20% tax on those making more than $100M. (top 0.01%)
- Less money for pandemic
- More money for military, police, & DOJ
- Deficit reduction over previous year of $1.3T

And plenty more!

Enjoy!

 

[jotathought]

Yeah .. Biden's tax hikes .. I love that he wants to introduce the "billionaire tax," which would essentially tax individuals on investments that have not yet been realized.

What a brilliant plan .. let's tax individuals for revenue they haven't yet realized ... sold ... Only Biden and the woke would come up with such a stupid plan.

 

[Lloyd Christmas]

Watch the wealth fluffers come on here and whine how unfair it is. Or make some other garbage excuse like they will raise prices or all the other moronic pro disgusting greed propaganda they love to spout.

There is no defense for the insane wealth of so little people while most American suffer.

Yeah .. Biden's tax hikes .. I love that he wants to introduce the "billionaire tax," which would essentially tax individuals on investments that have not yet been realized.

What a brilliant plan .. let's tax individuals for revenue they haven't yet realized ... sold ... Only Biden and the woke would come up with such a stupid plan.

Oh, that was quick fluffer. NOt a shred of any intelligence, just state something is stupid, what else to expect from never have any actual facts, logic, reasoning or intelligence conservatives

 

[trouble13]

Biden's 2023 budget would hike taxes on the ultra-rich and corporations, boost defense and police spending

The request to Congress features a new "Billionaire's Minimum Tax," a 20% income tax rate for the top 0.01% earners and households worth more than $100 million.

www.cnbc.com

--

With so much other news taking place, it seems Biden's new budget has yet to be posted here; so here it is! Rather than do my usual quoted excerpts, there's so much here it's probably best to simply read the article. However, I will put down several things that jumped-out for me:

- Corp taxes up from 21% to 28%
- Minimum 20% tax on those making more than $100M. (top 0.01%)
- Less money for pandemic
- More money for military, police, & DOJ
- Deficit reduction over previous year of $1.3T

And plenty more!

Enjoy!

I have an issue with the police funding. I'm not against funding the police but where is all the funding that they removed from law enforcement? Shouldn't all that be given back to them before we start talking about sending them federal money?

 

[Chomsky]

I have an issue with the police funding. I'm not against funding the police but where is all the funding that they removed from law enforcement? Shouldn't all that be given back to them before we start talking about sending them federal money?

Well, it is a federal budget, and to be honest we don't know the details of the implementation or even what parts of the budget will pass.

But he is concentrating on crime, and after the last two years I think that's a good thing.

 

[Chomsky]

Yeah .. Biden's tax hikes .. I love that he wants to introduce the "billionaire tax," which would essentially tax individuals on investments that have not yet been realized.

What a brilliant plan .. let's tax individuals for revenue they haven't yet realized ... sold ... Only Biden and the woke would come up with such a stupid plan.

I'm not sure what you're implying here, but Biden's proposed tax appears to be an income tax.

 

[Plasmaball]

I have an issue with the police funding. I'm not against funding the police but where is all the funding that they removed from law enforcement? Shouldn't all that be given back to them before we start talking about sending them federal money?

No. Odds are the previous money was for like military hardware where this could be like for more training

 

[tres borrachos]

Biden's 2023 budget would hike taxes on the ultra-rich and corporations, boost defense and police spending

The request to Congress features a new "Billionaire's Minimum Tax," a 20% income tax rate for the top 0.01% earners and households worth more than $100 million.

www.cnbc.com

--

With so much other news taking place, it seems Biden's new budget has yet to be posted here; so here it is! Rather than do my usual quoted excerpts, there's so much here it's probably best to simply read the article. However, I will put down several things that jumped-out for me:

- Corp taxes up from 21% to 28%
- Minimum 20% tax on those making more than $100M. (top 0.01%)
- Less money for pandemic
- More money for military, police, & DOJ
- Deficit reduction over previous year of $1.3T

And plenty more!

Enjoy!

Well it's interesting. And some of it makes good sense.

 

[ttwtt78640]

Biden's 2023 budget would hike taxes on the ultra-rich and corporations, boost defense and police spending

The request to Congress features a new "Billionaire's Minimum Tax," a 20% income tax rate for the top 0.01% earners and households worth more than $100 million.

www.cnbc.com

--

With so much other news taking place, it seems Biden's new budget has yet to be posted here; so here it is! Rather than do my usual quoted excerpts, there's so much here it's probably best to simply read the article. However, I will put down several things that jumped-out for me:

- Corp taxes up from 21% to 28%
- Minimum 20% tax on those making more than $100M. (top 0.01%)
- Less money for pandemic
- More money for military, police, & DOJ
- Deficit reduction over previous year of $1.3T

And plenty more!

Enjoy!

I don’t see any way that Joe Manchin agrees to this. It’s simply including the bulk of BBB in the 2023 budget ‘package’.

BTW, that projected 2023 “budget” deficit is based on a projected “budget” deficit, since the actual FY2022 deficit remains unknown. It is also based on the assumption of 2% CPI inflation, which seems rather unrealistic to me.

EDIT: That (bolded above) is not accurate:

Biden also proposes a new 20% minimum tax on the top 0.01% of earners and households worth more than $100 million.

Simply because a household is “worth more than $100M” does not mean that they ever had (or will have) an annul income anywhere near the top .01%. Nancy Pelosi‘s household is “worth more than $100M”, but her annual income is about $1M. That income is in the top 1%, but not in the top .01%.

Nancy Pelosi Net Worth 2022: Salary Stocks Portfolio Wealth

Nancy Pelosi Net Worth is $135 Million US Dollars. Stocks of top companies are in the portfolio of Nancy Pelosi valued at millions of dollars.

caknowledge.com

 

[Chomsky]

I don’t see any way that Joe Manchin agrees to this. It’s simply including the bulk of BBB in the 2023 budget ‘package’.

Interesting point.

BTW, that projected 2023 “budget” deficit is based on a projected “budget” deficit, since the actual FY2022 deficit remains unknown. It is also based on the assumption of 2% CPI inflation, which seems rather unrealistic to me.

From the article, on a re-read I'm finding some inconsistency in the years cited, so I'm going to withdraw my statement. I'm no longer sure exactly what the article is claiming, below. It may not be referring to the '23 budget at all!

As a result of fewer pandemic safety net costs and higher tax revenue, the White House projects the 2022 budget deficit will be $1.3 trillion less than the 2021 deficit, which the Biden administration touted Monday as “the largest ever one-year decline in our country’s history.”

 

[jotathought]

I'm not sure what you're implying here, but Biden's proposed tax appears to be an income tax.

He's proposing to tax the ultra rich on income they haven't realized. E.g. you paid x amount for stocks, it's currently worth an increase of X .. we will tax you even though you haven't sold it and realized the gains.

Will they (government) give refunds if there is a loss?

 

[Taylor]

I'm not sure what you're implying here, but Biden's proposed tax appears to be an income tax.

Biden to Propose 20% Tax Aimed at Billionaires, Unrealized Gains

www.msn.com

 

[Plasmaball]

I don’t see any way that Joe Manchin agrees to this. It’s simply including the bulk of BBB in the 2023 budget ‘package’.

BTW, that projected 2023 “budget” deficit is based on a projected “budget” deficit, since the actual FY2022 deficit remains unknown. It is also based on the assumption of 2% CPI inflation, which seems rather unrealistic to me.

EDIT: That (bolded above) is not accurate:



Simply because a household is “worth more than $100M” does not mean that they ever had (or will have) an annul income anywhere near the top .01%. Nancy Pelosi‘s household is “worth more than $100M”, but her annual income is about $1M. That income is in the top 1%, but not in the top .01%.

Nancy Pelosi Net Worth 2022: Salary Stocks Portfolio Wealth

Nancy Pelosi Net Worth is $135 Million US Dollars. Stocks of top companies are in the portfolio of Nancy Pelosi valued at millions of dollars.

caknowledge.com

Tax her anyways.

 

[CaughtInThe]

It won't affect the vast majority of people who vote for the richest Americans.

 

[Chomsky]

He's proposing to tax the ultra rich on income they haven't realized. E.g. you paid x amount for stocks, it's currently worth an increase of X .. we will tax you even though you haven't sold it and realized the gains.

Will they (government) give refunds if there is a loss?

I thought that's what you were implying.

I would need to see cites to that effect.

I saw nothing like that is the article. Could you be conflating Biden's plan with some other plan or idea?

 

[multivita-man]

This is actually a tax bill that's going to be pretty popular - or at least not too unpopular - with most Americans, and the commitment to fund police and national defense is also a lay-up. If there's an issue beyond inflation which should worry the Dems its the shocking rise in violent crime that's beginning to take over cities. Police reform meets reality, and political reality.

 

[ttwtt78640]

Interesting point.



From the article, on a re-read I'm finding some inconsistency in the years cited, so I'm going to withdraw my statement. I'm no longer sure exactly what the article is claiming, below. It may not be referring to the '23 budget at all!

OK, the FY2021 federal “budget” deficit was $2.8T, which means that the FY2022 federal “budget” deficit is (optimistically?) predicted to be $1.5T. The proposed FY2023 budget (and yes that is the topic of the article) is $5.8T.

I’m not sure if the Biden FY2023 federal “budget” proposal has been CBO scored, but I doubt it. Until it is put into legislative form it is fairly useless.

 

[ttwtt78640]

I'm not sure what you're implying here, but Biden's proposed tax appears to be an income tax.

Yep, but it seeks to redefine “income” to include ‘unrealized gains’ (changes in certain asset values). It then becomes somewhat of a change in wealth tax rather than strictly an income tax.

EDIT: Note that IRS currently does not ask about your household’s net worth. That “billionaires” tax actually applies to households with reported (estimated?) net worth of over $100M.

 

[Chomsky]

Biden to Propose 20% Tax Aimed at Billionaires, Unrealized Gains

www.msn.com

Thanks.

Alright, I think I see what's going-on here, they want taxes paid annually at 'mark-to-market' rates.

My quick initial reaction was to be against this. But on more careful thought, after listening to the argument against allowing the spread of the taxed income over the forward years, even including deducting against the earlier gains with future expenditures, I can see while they're trying to address the issue.

It seems to me this would be similar to employed individuals having withholding, where they get a refund at the end of the year if warranted. Except this would be done over the longer time-frame of the investing cycle, which does not sound unreasonable.

As such, I'm not going to summarily shoot the tax down, but will make a final decision when the exact details of the implementation are revealed.

 

[Chomsky]

OK, the FY2021 federal “budget” deficit was $2.8T, which means that the FY2022 federal “budget” deficit is (optimistically?) predicted to be $1.5T. The proposed FY2023 budget (and yes that is the topic of the article) is $5.8T.

I’m not sure if the Biden FY2023 federal “budget” proposal has been CBO scored, but I doubt it. Until it is put into legislative form it is fairly useless.

Yeah, the article was obtuse there, IMO.

 

[Lord Tammerlain]

Watch all the billionaires flee to Canada or Europe where taxes are more reasonable

 

[Chomsky]

This is actually a tax bill that's going to be pretty popular - or at least not too unpopular - with most Americans, and the commitment to fund police and national defense is also a lay-up. If there's an issue beyond inflation which should worry the Dems its the shocking rise in violent crime that's beginning to take over cities. Police reform meets reality, and political reality.

I think I might agree.

If Biden really wanted to pull-in the moderate Indie voters, while putting a bit of dressing for the GOP legislatures, he should've thrown some bones to border security.

 

[Chomsky]

Watch all the billionaires flee to Canada or Europe where taxes are more reasonable

You think Canadian & European taxes are 'more reasonable'?

 

[Minerva]

Watch all the billionaires flee to Canada or Europe where taxes are more reasonable

From Investopedia:

​

Top Tax Rates in Other OECD Countries​

The top tax rates are quite high in a number of other OECD countries as well. Coming in with honorable mentions at six through 10 are:

• Japan (55.9%)
• Denmark (55.9%)
• France (55.4%)
• the Netherlands (52.0%)
• Ireland (48.0%)

The United States is a distant 17 on the list, with a rate of 43.7%.

Source

 

[ttwtt78640]

You think Canadian & European taxes are 'more reasonable'?

I think that few US “billionaires“ are apt to take his financial advice.