Libs never met a tax they didn't like

So Biden is looking to put a 25 percent minimum tax on billionaires.
https://www.barrons.com/articles/biden-to-push-higher-corporate-tax-in-key-political-speech-76abc1f4

How will this work? Do you have to list all of your assets every year to prove that you are not a billionaire? If you are a billionaire, would you pay taxes on your income and cap gains differently than what they do now? For example, would they tax Buffett's $100,000/year salary at a rate of 25% and would that be different from Musk, Bezos, or Zuckerberg? How would it be different from the tax structure now?

Just curious if they think people should take their stupid proposals seriously.

 

sounds like Mexico is going to get a lot of nice profitable new real estate projects in their near future

 

How much tax do billionaires (actually) pay now? Lol.

 

Well, the liberals didn't like the poll tax ... Just saying.

 

They are taxed higher, BUT, most of us normal folks get taxed on income. Most billionaires don't get their money from a paycheck, they have investments and other means of getting money that isn't easy to tax as a weekly or bi-weekly paycheck
This article kind of explains it
https://www.vox.com/money/23634085/biden-2024-budget-billionaire-tax-capital-gains
The OP's article says 21% to 27% and this one says 37% to 39.6% but I honestly don't understand it 100%, not a great financier

 

Well unlike cons we think you should pay for stuff.

 

I agree we need to broaden the tax code for higher earners this proposal isn’t going to work because our current tax system was not designed to account for the super rich living off loans and not income.

Your political leader brags that he paid 800 bucks one year and zero other years so that alone shows the entire thing is broken.

 

When Biden is re-elected and the Democrats retake the House of Representatives, it's hard that the country doesn't deserve a tax increase, good and hard.

 

Here we go, as predicted. After yammering for years that Biden is in the pockets of the "bi-coastal" elites, MAGA switches position 180 degrees in an instant and bashes Biden for trying to tax those elites.

 

Not me. When Democrats are in power, if they want to raise taxes more power to them. It's the only way the Bill Gates of the world will learn their lesson.

 

I'm sure if Biden and democrats had their way they'd choose a formula that grabs as much money as possible.

 

The way to balance is the budget is by gutting the federal government. There are powerful counter elites such Peter Thiel, Elon and Vivek who have Trumps ear and strongly support such a move. If Trump is elected there is a chance of absolute carnage in the federal government. That is where my hope lays. If you have 3 or 4 hours to burn, the video below breaks it down. They make a plausible case.

 

Really pathetic .. on so many levels .. minimum tax on earnings will not raise the cash needed .. need a wealth tax to make a dent ... to pay for the fact that the Red Team never met a war they didn't like .. nor a deficit for that matter .. just yet to figure out that taxes eventually have to pay for that deficit spend.. Reagan being the standard bearer Princess with Credit Card ... hands down most fiscally irresponsible from him until now.

Ya didn't know that mate ?

 

I know there's a pretty damn big difference between my gross pay and net pay

 

You know that you could take 100% of the wealth away from the top 10% and it wouldn't make much of a dent at all in our debt. After that, those guys wouldn't be paying any taxes at all to pay for next year's round of free tuition, Obama phones, etc. You seem to still think that the military is the big spender in the non-existent congressional budget. Look again, it's free stuff. We can't keep spending 33% more than we make every year and continue to thrive.

You still haven't answered the question though; how will the IRS know who is, or is not, a billionaire and how will they tax those people specifically?

 

So?

 

Counter elites? LOL! You mean, in Trumper world, these are the good "elites" and the rest are bad "elites"?

In any case, your hope of Trump gutting government is highly naive. He'd just replace people with his own loyalists. And, then, he'll push through another tax cut that supposedly "pays for itself", blowing up the deficit again. How do we know? Past performance is the best predictor of future performance. Only this time, he will have learned to install loyalists more efficiently.

But, you put your faith into the self-proclaimed "king of debt". I am sure you'll cheer him on when he does exactly as I described in the last paragraph.

 

That is not true .. and nor was it the point -- Biden's plan is ridiculously dumb .. Warren Buffet says he pays less taxes than his Secretary .. meaning his Earnings .. are really low .. increasing diddly squat by 25% is still diddly squat .. being the point .. dumb and dumber economics being the larger point.

IRS can audit someone and determine if they are a billionaire .. up to the individual to file taxes properly as is normal. There will obviously be assessment guidelines.. but again dumb and dumber if he thinks that will compensate for the 3 Trillion Plus deficit we are currently running .. the real kick in the pants is that interest rates are no longer 0.5% on the 10 year. The cost of our debt is skyrocketing .. The annual interest approaching 1 Trillion per year .. starting to get into the danger zone ... which is 30% of income .. exceed that and red lights go off at the IMF .... Water coming into the boat faster than can be bailed out ... if something not done soon the ship will sink. Last time we got close to this level was under Clinton .. exceeding 25% .. hence why they Clinton and Red congress .. did what Congress and the white house hates most to do .. reign in spending . They also increased taxes as well.. Daddy Bush had to start with that after his famous "No new taxes" .. Fiscal restraint coupled with a white swan event and we averted Davey Jones Locker.

So Mr. Fiscal conservative .. What do the numbers look like right Now ? .. use 1 Trillion as our annual interest 5 Trillion as Federal Income .. Easy napkin Math puts us at 20% .. Interest as a ratio of income. 5 years ago .. we were paying 500 Billion.. roughly half that .. our ratio as around 12% .. to give an idea of how fast the rise towards the 30% figure can be.

What happened ? .. Interest rates .. thats what .. we were at 2.1% ave interest when debt was 25 Trillion .. = 500 Billion and change .. but remember the shorter term the lower the interest .. but say you float 2 Trillion worth of 5 year treasuries at 0.5 % ... .. you can see how this will bring the overall average interest rate down .. but now the 5 years are up .. and you have to refinance that 2 Trillion at 5% .. your interest payments on that 2 TRillion just went from 5 Billion/year to 50 Billion per year ....

U understand ? .. Ouch .. pain .. suffering. Ave interest on our 35 Trillion dollar debt is now roughly about 2.9% = 1 Trillion per year. But .. unfortunately interest rates are 4.3% -- every dollar we borrow or refinance is increasing that average interest rate. and no saying the T-Bill rates will not go higher .. they have actually come down a bit of late after being closer to 5%. The historical average around 6% if that is any indicator .. but could go much higher than that .. during the Reagan years we were up around 17% .. people had mortgages at over 20% if you can imagine. .. but those were different times .. when the cost of a house was roughly 2.5 times median income .. where now it is more like 10 times median income of 40,000.

K .. so Average income on our debt hit 5% .. on 40 Trillion in debt .. = 2 Trillion/year .. and revenue stagnated so say the same 5 Trillion per year. We are now at 40% interest as a ratio of income .. and our ship sank a long time ago.

Just to set some boundaries .. we ain't that far off "Somewhere in between" .. the interest on our debt has skyrocketed from 500 Billion /year to 1 Trillion in a short 5 years .. most of which were prior to the big interest rate increases .. ... if we increase in a few years by another 500 Billion .. which is easily possible we are at 1.5 Trillion .. on 5 Trillion in income = 30%...

k now about the money .. I figure to save the planet .. I need 100 Trillion over 10 years = 10 Trillion per year .. this having next to Zero to do with CO2 by the way .. I agree that CO2 increase is bad but it is not the pressing environmental catastrophe that Ocean Pollution is.. but you don't read this anywhere .. "Global Warming" gets all the attention .. even if it is at the expense of Ocean Pollution .. as is the objective of current environmental policy.

But where am I going to find the cash ? 100 Trillion is not Chump Change now is it. Total World wealth is estimated at around 600 Trillion to put things in perspective..

Now .. if you check Melon and Morgan they have equal amount for a total of around 130 Trillion. I will take "Custody and Administration" of that thank you very much

Oh .. but hold on we need not be that mean .. I only want Half .. so from these Families .. which are relatively few in number 65 Trillion .. the rest we can get from other Banks in the world .. the major banking families where the other "Custody and Administration" is held. to get our 100 Trillion.

and don't worry about the 20 families who's wealth is reduced to half .. call it 3 Trillion per family for easy math .. invested at 5% gives us 150 Billion per year . .or roughly 12 Billion a month to spend .. without touching the principle .. They are gonna be OK friend .. don't be shedding too many tears .. as these are the one's that polluted the damn Ocean stealing that money to begin with.. U Understand what too much money is friend ? 12 Billion a month in spending money .. is too much money

 

You paying more than the Billionaire being the point

 

Cmon….youve said what you make, and I can’t imagine there is that big a difference.

 

Just gonna go by the Forbes list.
In reality it’ll never happen, just like Mexico was never gonna pay for a wall.

 

There's a lot of things you can't imagine, that doesn't mean things don't exist outside of your perception.

But I'm sure you have vast holdings spread far and wide...

 

Partisan bickering aside, do people become wealthy by eating losses?

 

repubs love tax cuts for the rich... .tax cuts for the working class not so much.... unless it's used as a carrot for the former

 

most of the middle class pay more than that, yet the right is like no fair, the billionaires should pay zero percent