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

[Lord Tammerlain]

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

I was being sarcastic,

One of the items people bring up regarding taxes is that people will go to lower tax rate areas. Among developed countries the US about the lowest

 

[ttwtt78640]

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.

How is it a good thing to reward those who ‘defunded’ their police? Biden had previously suggested that they use (abuse?) COVID-19 relief funds for that purpose.

The biggest problem with giving federal money to the states is that the states are free to do pretty much anything once it becomes state funds. CA gladly accepts federal ‘emergency’ aid and then offers ‘rebates’ to their residents - WTF?

 

[jotathought]

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?

Sure .. read here to see how Democrats are attempting to screw those who are successful .. forcing the successful to pay taxes on income they haven't even realized. Go Democrats!

 

[Minerva]

I was being sarcastic,

One of the items people bring up regarding taxes is that people will go to lower tax rate areas. Among developed countries the US about the lowest

My bad....need a sarcastic emoticon for some of us I guess....

 

[ttwtt78640]

Sure .. read here to see how Democrats are attempting to screw those who are successful .. forcing the successful to pay taxes on income they haven't even realized. Go Democrats!

Yep, playing word games to convert (a portion, for now) of household wealth to be taxed as income is a clever (but likely unconstitutional) method of creating a brand new federal power to tax (personal?) wealth. Anyone that is so dishonest as to call households with over $100M in assets “billionaires” can’t be trusted.

How long before congress critters decide to lop a zero off and make that a “millionaires“ tax applying to households with more than $10M in assets? BTW, a 20% (upper income bracket) federal income tax rate is still lower than many are paying now.

How Many Millionaires Are There in America? - DQYDJ

See how many millionaires and decamillionaires there are in the United States. We explore $2, $3, $4, $5, $50, and $100 million net worth goals too.

dqydj.com

 

[jotathought]

Yep, playing word games to convert (a portion, for now) of household wealth to be taxed as income is a clever (but likely unconstitutional) method of creating a brand new federal power to tax (personal?) wealth. Anyone that is so dishonest as to call households with over $100M in assets “billionaires” can’t be trusted.

How long before congress critters decide to lop a zero off and make that a “millionaires“ tax applying to households with more than $10M in assets? BTW, a 20% (upper income bracket) federal income tax rate is still lower than many are paying now.

How Many Millionaires Are There in America? - DQYDJ

See how many millionaires and decamillionaires there are in the United States. We explore $2, $3, $4, $5, $50, and $100 million net worth goals too.

dqydj.com

Democrats talk and discuss "fair share," yet, ironically, they allow more than 50% of wage earners to pay nothing in income taxes. Way to go Democrats .. please .. continue this.

 

[reflechissez]

Democrats talk and discuss "fair share," yet, ironically, they allow more than 50% of wage earners to pay nothing in income taxes. Way to go Democrats .. please .. continue this.

That doesn't make any sense. What are you even arguing about, at this point?

 

[ttwtt78640]

Democrats talk and discuss "fair share," yet, ironically, they allow more than 50% of wage earners to pay nothing in income taxes. Way to go Democrats .. please .. continue this.

Yep, but in a democracy it makes perfect (political) sense to tax (only) a minority, thus (much more) easily getting majority support for tax increases on others. Let’s go Brandon!

I’m waiting to hear what Joe Manchin has to say about this $5.8T Biden “budget” which includes the bulk of the BBB nonsense which Joe Manchin had already said no to.

 

[Gateman_Wen]

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'm disappointed he want's to boost military spending.

 

[Lord Tammerlain]

My bad....need a sarcastic emoticon for some of us I guess....

I thought the words more reasonable would have been a giveaway

 

[Chomsky]

I'm disappointed he want's to boost military spending.

Ordinarily, I might too.

But after Putin's recent foray, I'd rather be safe than sorry.

 

[Jezcoe]

It’s like those who advocate for the ultra wealthy missed that whole week where we found out that their effective tax rate is in the single digits.

 

[MTAtech]

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.

If the tax is on incomes of $100 million or more, how can unrealized investment gains be part of this tax plan? One must sell an investment in order for it to be income.

If I sell stock, the profit is income. If I don’t sell the stock, it’s not income.

 

[MTAtech]

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?

who is “they?” There was no federal funds reduced for police.

 

[aociswundumho]

Key revenue raisers:

Raise the corporate tax rate from its current rate of 21% to 28%.

That means even higher prices for ordinary goods and services as corporations pass some of that tax on to consumers.

Impose a 20% minimum tax on the top 0.01% of earners and households worth more than $100 million, the so-called the Billionaire Minimum Tax.

No way is that constitutional.

End tax deferrals on the gains from like-kind exchanges.

This would royally suck, but the entire real estate industry will lobby against it.

 

[eohrnberger]

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.

Didn't you know? The left believe that we as a society, can tax yourselves into prosperity.
I rather think the idea is completely not supported by any economics that I've ever heard of, but there you are, more Rainbows and Unicorns to believe in from the left.

I rather suspect that this will retard any economic recovery that might have been.

This is little more than a continuation and furtherance of the left's 'The Great Rest', where they dictate their unproven social theories and various religions, Climate Change being one of them, but there are many more, inflict them onto public policies and force them onto everyone via the barrel of the government gun, regardless of common sense and the failing results they are sure to bring, such as been already demonstrated in history.

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?

Isn't that the leftists' wet dream of a 'wealth tax'? Punish the successful so that you are sure to have less success, is what it is.

That means even higher prices for ordinary goods and services as corporations pass some of that tax on to consumers.

Exactly why it will not only cause yet more inflation, but the further hollowing out of the middle class via those heaped on expenses in the form of cost increases.

No way is that constitutional.



This would royally suck, but the entire real estate industry will lobby against it.

 

[dcsports]

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!

This is Biden's proposal, but is likely little more than a useful tool for campaign speeches. Like every one of Obama's budgets... as well as Trump's... it will be tossed in the garbage by congress.

Given that this is an election year, they'll probably pass a continuing resolution to kick any real budget discussion to after the election.

 

[dcsports]

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.

That part is just silly. Note that the budget is for next year, but the proposal 'touts' a decrease of the deficit over 10 years. It doesn't actually change anything beyond one year - nor can they really predict what will happen beyond the horizon of the midterms. Ten years is well beyond anyone's view. Biden's certainly not going to be president then, and no one will even remember the promise.

As you point out - that's MASSIVE spending just for next year. Increases across the board. Unrealistic tax plan, which even if it did pass (unlikely) won't make a significant change in revenue.

 

[craig]

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?

They can subtract it from their gains next tax season, it happens automatically, but only $3000 of loss.

 

[Ikari]

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, so you love deficit spending. Got it.

 

[ttwtt78640]

Oh, so you love deficit spending. Got it.

Biden’s FY2023 federal “budget” calls for spending of $5.8T and includes a huge (over $1T) deficit.

 

[Ikari]

Biden’s FY2023 federal “budget” calls for spending of $5.8T and includes a huge (over $1T) deficit.

So standard bullshit. Trump got that deficit going too. As did Obama, as did Bush.

But taxing the rich isn't some inherent evil, and those typically clamoring as such would see us with even higher deficit.

 

[Rawley]

If the tax is on incomes of $100 million or more, how can unrealized investment gains be part of this tax plan? One must sell an investment in order for it to be income.

If I sell stock, the profit is income. If I don’t sell the stock, it’s not income.

Ask the dude you put in office, it's his budget.

 

[highroller]

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

Hopefully it is. We need police on our streets, not soldiers.

 

[Plasmaball]

Hopefully it is. We need police on our streets, not soldiers.

Correct. They shouldn't rolling up in tanks