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

[Napoleon]

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.

Yes, but it’s really the only option given how billionaires operate. They game the system by making their taxable cash income very low and being compensated primarily in stocks which they then use as collateral for personal bank loans (not taxable). This shell game is how they lead a billionaire lifestyle without billionaire taxes.

 

[MTAtech]

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

According to the articles, you’re right.

The defense of this is that it only applies to the top 0.1% and these individuals use a tax loophole to avoid taxes by never selling assets and merely borrowing against those assets. Taxing unrealized gains closes that loophole.

 

[trouble13]

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

Are you kidding me or what? "They" is the P.O.S. Progressives who demanded that the police be defunded and the P.O.S. Progressives who reallocated police funding to other depts. That is "they" as if you are unaware of who "they" is.

We are suppose to naively believe you have been sleeping under a rock while the country was having a national debate over this and Conservatives were being mocked for telling Progressives that it was a bad idea that would lead to higher crime rates. If anything police funding should be increased not lowered.

That's what your trying to sell here now that the stupid idea of demonizing the police has become a political liability for the left.

How about this.....

Admit it was a poorly thought out idea, you were wrong, and we need to reset things back to what they were. Maybe look at a fee tweaks to improve the overall efficiency of the police as well as the overall experience for everyone during an encounter.

Defunding them was and is a dumb idea. Admit that or go crawl back into your holes and hide in shame.

 

[ttwtt78640]

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.

Yep, this is the same smoke and mirrors stuff. Biden’s (proposed) additional tax on “the rich” (and on all corporations) revenue is simply being used for Biden’s (proposed BBB) additional spending. That is said to make the BBB part “fully paid” for, but the truth is that all other federal spending remains intact (or slightly higher) resulting in continuing to have annual federal “budget” deficits of at least $1T.

I’m not making any partisan argument here. Since 2000 (under presidents Bush, Obama, Trump and now Biden) the national debt has been increased by $25T which is due to continuous federal deficit spending of over $1T/year.

 

[Individual]

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 had long ago suggested a Federal sales tax on stock purchases, though a tax on unrealized gains is nonsensical.
Just another good reason to repeal the 16th amendment and just require the States to tax income leaving the Federal government only the ability to tax States directly, and perhaps rather than relative to population, relative to each States GSP percentage of the total.
I'm curious why taxation appears to be a major issue but seldom is discussed in ways to change with the exception of raising or lowering.

 

[Bullseye]

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!

a DEFICIT REDUCTION of $1.3 trillion? I can remember the days with the entire deficit wasn't $1.3T.
Soak corporations and the rich - Same ol' progressive poppycock.

 

[ttwtt78640]

Yes, but it’s really the only option given how billionaires operate. They game the system by making their taxable cash income very low and being compensated primarily in stocks which they then use as collateral for personal bank loans (not taxable). This shell game is how they lead a billionaire lifestyle without billionaire taxes.

The answer is not to try to retroactively tax previously invested income (aka wealth). This is a ruse to try to tax a portion of (current) wealth (unrealized capital gains) as if it were income. If it is legal (aka constitutional) to do so for “billionaires” (folks who have current assets over $100M) then it is also possible for congress critters to decide to (later) treat anyone’s unrealized capital gains as income in the future.

 

[Bullseye]

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.


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

Most AREN'T suffering. Median household income is near record level.

 

[Bullseye]

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

Biden is proposing tax on unrealized gains; which means a person's home would be taxed year after year - assuming a risking marked. Also investment accounts would be taxed annually. Totally idiotic and ultra progressive (excuse the redundancy)

 

[Bullseye]

What we need to do is emulate the rich, not immolate them.

 

[ChickenTendies]

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!

Yay! More funds to the military industrial complex!

 

[ttwtt78640]

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

Only by reclassifying (some?) unrealized capital gains as income.

If the (assessed or market) value of your house, farm, retirement account and/or business went up $10K over the past year what did that do to your income?

Why should you have to pay an extra $2K to the IRS when you have not (yet) received even one penny of that (on paper) $10K increase in your net worth as income?

 

[phoenix2020]

If we tax unrealized gains, appreciating assets and non-liquid sources of wealth for some people, we should do so for all people.

 

[ttwtt78640]

If we tax unrealized gains, appreciating assets and non-liquid sources of wealth for some people, we should do so for all people.

Better yet, we should agree that is not a constitutional federal government power.

 

[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.

Yep, this is the same smoke and mirrors stuff. Biden’s (proposed) additional tax on “the rich” (and on all corporations) revenue is simply being used for Biden’s (proposed BBB) additional spending. That is said to make the BBB part “fully paid” for, but the truth is that all other federal spending remains intact (or slightly higher) resulting in continuing to have annual federal “budget” deficits of at least $1T.

I’m not making any partisan argument here. Since 2000 (under presidents Bush, Obama, Trump and now Biden) the national debt has been increased by $25T which is due to continuous federal deficit spending of over $1T/year.

It's always going to be used, hell it was being spent already with nothing but the Fed and our Military backing it up.

There isn't a small government party left, there isn't a fiscally responsible party left. The only question left is how quickly we want to grow our debt. And quite honestly, it's been the Republicans who have been the most reckless and cavalier in this respect.

 

[ttwtt78640]

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.

It's always going to be used, hell it was being spent already with nothing but the Fed and our Military backing it up.

There isn't a small government party left, there isn't a fiscally responsible party left. The only question left is how quickly we want to grow our debt. And quite honestly, it's been the Republicans who have been the most reckless and cavalier in this respect.

Biden calls his FY2023 “budget” being fiscally responsible so it must be true.

 

[MTAtech]

Are you kidding me or what? "They" is the P.O.S. Progressives who demanded that the police be defunded and the P.O.S. Progressives who reallocated police funding to other depts. That is "they" as if you are unaware of who "they" is.

We are suppose to naively believe you have been sleeping under a rock while the country was having a national debate over this and Conservatives were being mocked for telling Progressives that it was a bad idea that would lead to higher crime rates. If anything police funding should be increased not lowered.

That's what your trying to sell here now that the stupid idea of demonizing the police has become a political liability for the left.

How about this.....

Admit it was a poorly thought out idea, you were wrong, and we need to reset things back to what they were. Maybe look at a fee tweaks to improve the overall efficiency of the police as well as the overall experience for everyone during an encounter.

Defunding them was and is a dumb idea. Admit that or go crawl back into your holes and hide in shame.

Show your work.

What federal funds were reduced that would have otherwise gone to police?

I think the phrase “defund the police” was poor but the idea that mental health issues shouldn’t be dumped upon law enforcement who are ill equipped to handle persons with mental illness, instead of psychologists.

 

[MTAtech]

If we tax unrealized gains, appreciating assets and non-liquid sources of wealth for some people, we should do so for all people.

Why? Normal people don’t use those methods to hide income. Musk and Bezos don’t have to sell assets to fund their lifestyle. They just borrow against assets.

 

[ttwtt78640]

Show your work.

What federal funds were reduced that would have otherwise gone to police?

I think the phrase “defund the police” was poor but the idea that mental health issues shouldn’t be dumped upon law enforcement who are ill equipped to handle persons with mental illness, instead of psychologists.

Are you serious in suggesting that a force of on call (or roving?) psychologists will be making multiple daily trips to wherever to visit with folks reported to have “mental health issues”?

 

[Individual]

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.


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

I wouldn't say it is unfair, but it doesn't fix anything.
The wealthiest will easily recoup their tax losses while the rest of us will help that occur as a result of rising prices and inflation, which only reduces the number of the middle class and increases the number dependent on government assistance.
My best friend, who retired a couple of years after me, and as a result receives a higher pension and social security benefit, quickly became a government dependent and had to work a part time to make ends meet. I, by leaving the States have seen my wealth increase each year and have no debts at all, though I still pay U.S. income taxes.
If anything at all, I would say it is unfair to those who are trying to acquire financial security, while those who have take advantage of the opportunities presented them.

 

[Chomsky]

Only by reclassifying (some?) unrealized capital gains as income.

If the (assessed or market) value of your house, farm, retirement account and/or business went up $10K over the past year what did that do to your income?

Why should you have to pay an extra $2K to the IRS when you have not (yet) received even one penny of that (on paper) $10K increase in your net worth as income?

I can't say I'm entirely sold on this, but I'm not ruling it out - either.

It seems the problem is the wealthy are managing to defer their taxes over a 9 year period, and that is what the government is trying to circumvent. They are making it similar to an employee's wages withholding.

Like I said, I'm still not sure of this, and I do have big concerns with policies that are means or income tested. Then again, out tax rates themselves are incremental, so there's that.

 

[HangLow]

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!

​

 

[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.

Every year, a huge part of my unrealized investment — my home, is taxed, even though I pay more than 20% on my ordinary income.

What the Biden plan is, is a minimum tax of 20%. If you are fortunate to be in the top 0.001%, and already pay 20% of your income in taxes, you don’t have to pay the unrealized gains tax. Others, like Musk, Bezos, and Zuckerberg, will have to pay this tax.

 

[MTAtech]

I wouldn't say it is unfair, but it doesn't fix anything.
The wealthiest will easily recoup their tax losses while the rest of us will help that occur as a result of rising prices and inflation, which only reduces the number of the middle class and increases the number dependent on government assistance.
My best friend, who retired a couple of years after me, and as a result receives a higher pension and social security benefit, quickly became a government dependent and had to work a part time to make ends meet. I, by leaving the States have seen my wealth increase each year and have no debts at all, though I still pay U.S. income taxes.
If anything at all, I would say it is unfair to those who are trying to acquire financial security, while those who have take advantage of the opportunities presented them.

What you wrote doesn’t make sense to me. You assert that the wealthiest will recoup their tax losses without saying how.
You also assert that taxing billionaires will turn the rest of us into dependency by the government without explaining how.

 

[Antiwar]

Alright! More American and global police state - just what nobody needed.