Posted on 03/08/2023 7:08:56 AM PST by ChicagoConservative27
The US GDP is ~$20 trillion so this is literally
“10% for the Big Guy”
Does it means if your stock goes up, you will pay tax, but if then it crashes, what happens? You would pay taxes on losses?
And how does one easily get their money into a Moroccan bank account?
The US tracks all those transactions from banks that do participate.
“Reduce the deficit by 2 trillion over a decade”
What they mean is the deficit, which will keep growing, will be two trillion dollars less than whatever it would be if all of the phony assumptions they make hold true over twn years and that no future congress would change spending or revenue in that time. Basically worthless.
I seriously doubt that this provision will make it thru the Congress.
They all own stocks as well.................
Any and all money transferred before the bill becomes law is then untouchable by the IRS.
Not saying it is easy but when a person looks at loosing 20 milling to new taxes they will darn well find a way to protect most of that money
Ex Post Facto is not permitted under our constitution.
Stocks are not liquid assets. They will have to sell off their stocks to pay the tax. So the stock price tanks. And there won't be any gains to tax. So the government crashes the stock market, destroys the wealth of the middle class, and gains no revenue. Brilliant.
He’s only taxing the rich, dontcha know./s
But they will see where the money went and then by law it is taxable regardless of where it sits.
The US has the worst tax laws/reach in the world. They even tax you if you earn money while working outside the country!
Totally AWESOME!!
More work for high-priced tax attorneys and tax accountants, and their financial planner cousins./s
There will be winners and there will be losers.
This is truly sickening, but then most of us cynics expected lots of bad stuff from the sniffer-moron-without-a-leash.
Nope, you just do no report it and they can not verify you have not lost, given to charity or invested it in a way that it cannot be taxed. Regardless once the money is outside of reporting to the IRS they can not tax it in the past and cannot assess it for future taxes.
Only if you somehow move it to a reportable entity going forward can they get to it. Do you really think there are no tax havens these days?
Kevin had better say NO, “we are starting with massive budget cuts!”
Problem, is, That’s OUR tax money.
My theory is the the Ukrainians have the goods on Biden and Son
And are blackmailing the Bidens to keep the money flowing.
Seeing that Ukraine is corrupt.
And SloJo as VP and President the most corrupt.
Add evil to the mix and you have it!
THE RICH NEED TO PAY THEIR FAIR SHARE!
All caps to emulate Biden screaming angrily ...
Oh I do know they can hide it, but the IRS can track it if they want to as well.
It just depends on if they want to target you or not. I mean the gov’t illegally wiretapped a President...do you really think they wouldn’t do the same to a normal citizen?
Your comment (and perhaps the source of your information) is rather difficult to understand.
“only 19%”? Give me a break!!
Talk like that is why we are in such a mess. But most long-time FReepers already know that.
Insurance agents are allowed to have real estate holdings.
And no other business interests.
Warren Buffett's secretary since 1993, Debbie Bosanek, sat next to her boss just hours after being invited by the president to the State of the Union address, where the president made her the face of tax inequality in America.
Bosanek pays a tax rate of 35.8 percent of income, while Buffett pays a rate at 17.4 percent.
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