Posted on 03/26/2022 4:51:22 PM PDT by ChicagoConservative27
The Biden Administration is poised to announce a new tax on the wealthy that could send Elon Musk into orbit.
Biden’s “Billionaire Minimum Income Tax” proposal would set a 20 percent tax rate floor on Americans worth more than $100 million — hitting not only their stated income, but also their unrealized gains on stock holdings and other forms of wealth.
(Excerpt) Read more at nypost.com ...
“They can tax income. Property or the value of stock options are not income.”
And yet I pay county property taxes every year.
Silly me.
Property taxes essentially already do all of this.
The several states have always been Constitutionally allowed to tax property, even since the Constitution was ratified.
The Federal government can only do so if the tax is “apportioned among the states.” Which is why none of the “property taxes” you pay, or have ever paid, are sent to the US Treasury.
As inflation takes off—we’ll all be billionaires!
Joe knows that the way to earn untaxable money is to get elected to political office and have your relatives sell access to your influence.
Yeah
Junta Joe already hit nearly everyone with his biggest tax yet: Inflation. After centuries of Governments using the same ploy people still don’t realize it is a tax.
Inflation combined with a capital gains tax is already a wealth tax. Your property gets its value inflated and then you pay the tax on that bogus gain.
Sounds good to me since so many of them are lefties.
Make them make good on all their social conscience bs.
Maybe they would get a clue?
Nah.
Taxing unrealized capital gains is just theft. We’re in a kleptocracy.
I guess ByeDone’s handlers have taken over the purse strings? Maybe Nasty handed them over, and, Congress approved, in the dead of night.
Oh, wait....that was the most recent porkulus, where that happened.
The Articles of Confederation allowed Congress to demand states send Congress tax money based on the wealth of each state.
This indirect taxing power probably still exists since not all 13 states had to ratify the Constitution to make the Constitution valid.
Most of them are woked out liberals anyways, except Musk I guess.
Anyways, I don’t feel sorry for em. They deserve it.
The Kelo decision was couched as a fifth amendment issue of "public good" versus "public use," but was actually a taking of unrealized gain.
The city of New London, CT, thought they could get higher property taxes (the "public good") if current private property (individual homes) was taken and the property used for businesses that were worth more (the unrealized gain). The fifth amendment only authorizes takings for "public use" such as schools, roads, and other government needs.
The unrealized gains were never actually realized, as the business project that New London counted on never happened. They were left with no public good and no more property owner base to pay the existing taxes.
This is the fallacy of unrealized gains; those gains are not certain outcomes. If the government were allowed to seize people's stock portfolios when a stock appreciates (forcing a certain realization) and force a sale when the shareholder is not ready to sell, that is an illegal taking. They might as well force a homeowner to rent a spare room so they can gain the income tax on the rental fee, if all they are interested in is creating an unrealized gain and then realizing it.
-PJ
History proves it: every time the Democrats say they're gonna tax the rich, they hit the MIDDLE CLASS.
Every.
Damn.
Time.
Exactly.
They'll put the tax in place and write the law so it's easily avoided by really rich. They'll then drop the brackets down until it encompasses the middle class. The net result will be yet another tax increase on the middle/upper middle class while billionaires circumvent taxation.
Billionaires are the ones that fund the lifestyles of elected officials. Elected officials in turn write the tax laws so they're advantageous to their paymasters. That's why the super rich are usually democrats, they know they won't pay under democrats taxation schemes and the democrats anti-business mindset makes it very difficult for start-ups to compete with democratic donors established companies. Ask yourself how Bill and Hillary Clinton, neither of which ever made more than $200,000 a year when they were in office, are now worth $200 million. It didn't happen because they were really good savers.
There goes the Mars colonization scheme and the free Windows upgrades. Good.
FTA: ...but also their unrealized gains on stock holdings and other forms of wealth...
Gov’t: Looks like you are going to make a million. Gimmee!
Taxpayer victim: I have not made any money yet. It is being invested to help that company grow and make money. They will hire more people. Once the stock price goes up and IF I sell then I will make money that can be taxed.
Gov’t: Nope, we want made up money that we can tax that we determine the amount of.
Taxpayer victim: I will then not invest and the company will lose and the employees will be let go and no money will be made.
Gov’t: Not our problem. We can always print money.
Exactly!
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