Here’s how Biden’s billionaire income tax would work

[troubled soul]

https://www.aljazeera.com/economy/2022/3/28/heres-how-bidens-billionaire-income-tax-would-work
The United States Congress still has to approve the measure for it to go into effect.

 

[Martin Everson]

So this old idea of taxing unrealized gains on millionaires they think will pass? Is this just to help Biden's ratings among the impoverished of America? Do they really think this will pass all the lobbyists of the millionaire class?

If it does the rich will just take on debt to offset their wealth I guess .

 

[Don]

Will it have a substantial impact on the state budget? I dont think so.

I just copy here the link to the US 2023 state budget to better put these numbers in context.

Under the line "Impose a minimum income tax on the wealthiest taxpayers" - so they plan to collect around 40 billion of additional revenue to the state budget this way.

In comparison, currently, asset forfeiture brings in around USD 12 billion in profit per year.

As asset protection is getting more and more challenging day by day, I believe the state revenues from asset forfeiture will substantially increase as it becomes easier to process it.

 

[Jerry1911]

This will just be another nail in the coffin of the USA if it passes.

 

[troubled soul]

https://www.businessinsider.com/bil...iden-income-gains-tax-stupid-wont-pass-2022-3

Billionaire Leon Cooperman says Biden's billionaire tax is 'stupid,' 'probably illegal,' and 'won't pass'​

 

[Golden Fleece]

It will not pass. The Democrats do not even have a simple majority amongst themselves to enact this legislation. It is pure political theater to placate the extreme socialist in the party's base.

Taxing unrealized gains is likely unconstitutional, not to mention insane.

 

[KDX]

It is pure political theater to placate the extreme socialist in the party's base.

Aka 90% of politics. Lying about how you will cancel all student debt and then conveniently forget about those promises...