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Billionaire tax takes shape as Biden pushes for budget deal

40 Comments
By LISA MASCARO and DARLENE SUPERVILLE

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Those who underestimate Biden,always are somewhat disappointed

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Good.

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Class warfare is the "go-to" technique for the Dems.

How many Senators are caught by these proposed hikes? Their salaries are around ~$200K/yr, so other income would contribute to the limits. Going after billionaires is too easy - definitely they should pay a little more in taxes. There is a point where people if that income level will choose to relocate outside the US and renounce their citizenship to avoid personal US taxes. Swiss have been doing this for a long time to avoid their high taxes.

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Instead, to win over Sinema and others, the White House has been floating a new idea of taxing the assets of billionaires and another that would require corporations to pay a 15% minimum tax, regardless of if they show any profits. Those both appear to be gaining traction with another pivotal Democrat, Sen. Joe Manchin, D-W.Va.

This can go very badly for Joe. The wealthy can and will move their money, I see that as the highest possible outcome, there’s no possible way will most of them let Biden take their money saying, you don’t need this much, who the heck are these people? Second, Manchin and Sinema are digging in their heels if Manchin decides to switch parties, Biden’s spending palooza is going down in flames.

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theFu- they'll use class warfare to get it passed. Then in a couple years, it will apply to everyone. They're going after IRAs and 401ks.

bass- Biden will provide the super rich with other ways to protect and increase their money.

"Reverse Robinhood" means the rich will get richer at our expense.

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So after all these months and promises all they have is “tax billionaires” more and tax corporations even if they don’t make a profit?

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I seem to remember a certain socialist senator from Vermont railing on about having "millionaires and billionaires" pay their 'fair share' of taxes, but he could never clearly enunciate what precisely a 'fair share' was.

Now suddenly it has become "billionaires" only. Perhaps because a large majority of senators from BOTH parties are comfortably in the "millionaire" class. The good senator from Vermont included.

Thinking that a tax that affects fewer than a thousand people will have any real impact is folly. The French tired it several years ago and it had no effect, other than to drive wealth out of the country. Rich people are rich because they are smarter than most people, and even if they aren't they can hire smart accountants and lawyers to legally avoid confiscatory taxes. This is simply the politics of envy.

-4 ( +1 / -5 )

a certain orange hued real estate billionaire guy just made 5 billion dollars in 2 days in the market. A new media company.

wonder what percent of that amount the Dems are planning to try to take as tax before its even realized?

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There is a point where people if that income level will choose to relocate outside the US and renounce their citizenship to avoid personal US taxes.

What is that point?

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a certain orange hued real estate billionaire guy just made 5 billion dollars in 2 days in the market. A new media company.

A certain new media company was hacked hours after its announcement. I'm sorry that you signed up for it. Probably your personal information is in the hands of some 4chan kid right now.

4 ( +5 / -1 )

a certain orange hued real estate billionaire guy just made 5 billion dollars in 2 days in the market. A new media company.

This is what one of the investors said

“Is Trump’s social network going to work out? Probably not. But that doesn’t mean you can’t make money in the meantime,” Nguyen said.

The company probably will not last a year, so I suggest you pull your billions soon.

I have!

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Wealth tax.

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Taxing 1000 or so people (including billionaireTrump) at an obscene level still isnt enough to pay for these Dem programs. its simply not going to work.

Also did you notice all the things people want are gone now? student debt, free community college, Medicare upgrades, parental leave. All dropped from the plan or put under an income restriction. This is not what the people were promised and I am going to laugh when Dems try to claim "victory" when they 25% or less of what they claimed they would get.

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Trump made the business, people invested their already taxed money into it. why do Dems think they should get this money?

Well if they invested in the Trump business there is no more money to tax anyway.

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its called stock. when one purchases stock at $16 and it goes up to over $100, that is called "making money".

you might want to look into it.

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mock all you want, reality speaks differently.

25% gain in 1 day on the company that released Trump photographs as NFTs.

Dems cant wait to get their hands on this money. They are even proposing to tax it before anything is even sold.

Yellen said rich people are bad because they are gaining income on investments they havent sold yet. How is that possible to have income, if you havent sold it yet? They make no sense.

There is no amount of other peoples money that they wont spend on fences around Biden's summer home.

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Sure is ironic watching the Repubs/Trump supporters here cheering on Jeff Bezos, Mark Zuckerberg, and Michael Bloomberg as they pay no tax after making billions in profits...

All the Lib Billionaires thank you...

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Busby; the profits don't exist until the equities are sold. They could just as easily lose the money too. So they haven't actually "made" any money yet. That is the inherent danger of a wealth tax.

Unlike lefties, we on the right are not jealous of rich people. Rather, we see them as role models and drivers of the economy, creators of jobs, etc. Former President Obama made tens of millions on book deals, Netfix deals etc. Good for him. WIsh I could do the same.

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mock all you want, reality speaks differently. 

25% gain in 1 day on the company that released Trump photographs as NFTs.

I suggest you look up GameStop

And this might be helpful

DWAC could be having a meme stock moment like GameStop and AMC.

Will be fun when it all crashes into a heap of gullible investor losses!!!!

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25% gain in 1 day on the company that released Trump photographs as NFTs.

Did you buy? Remember the track record of Trump investments.

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It's not a case of being jealous of rich people. Ordinary working people are paying income taxes mostly deducted at the source. The rich avoid paying income taxes by paying the lower capital gains taxes. Pandora Papers.

They should be paying a fair share of taxes.

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Wealth tax.

No, how about creating and generating your own wealth. Create decent jobs in three prosperity robbing Paul to gift peters not going to help anyone.

Trump’s new social media company is his biggest scam yet

Like anyone is going to believe a fashion magazine…sure…

TRUTH Social will probably be a flop, but Trump is likely to make hundreds of millions anyway

And then again and looking how the country is going and the rate that conservatives are being silenced, it might be a huge hit.

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Zichi, serious question- what do YOU define as paying a "fair share" of tax? Who are "they"?

The top 1% in America currently pay 40% of federal taxes. How much should they be paying?

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The top 1% in America currently pay 40% of federal taxes. How much should they be paying?

Most liberals want the rich to pay 80-90% of their fair share. If it’s not yours and you didn’t create wealth you would never understand what it takes or what it means to the people that busted their rear to get to that level.

When is big government decide to take money from the richest people it’s a sign of economic failure on their part for creating their lack of opportunity and better job training.

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Most liberals want the rich to pay 80-90% of their fair share

Trump people think Liberals want rich people to pay 95% of their income to taxes? Do Trump people want the rich to pay 0% tax? Please be specific.

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Yeah, there is that perception that rich people somehow didn't come by their wealth properly or morally, therefore it is justifiable for the government to take it from them. Interestingly if you look at statistics, the vast majority of rich folks (millionaires and above) did NOT inherit their wealth. Only 3% of them actually inherited a million bucks or more. The vast majority (84%) inherited less than $100k.

Plus, if rich guilty liberals really want to pay more in taxes, they can! Simply write in an extra amount on the bottom of your tax return and the IRS will gladly take your money. So if Warren Buffet thinks he should be paying 30% income tax, nothing is stopping him from doing so except his own greed and hypocrisy.

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No, how about creating and generating your own wealth. Create decent jobs in three prosperity robbing Paul to gift peters not going to help anyone.

Totally agree dear sir, the trump corporation has been robbing lenders to pay other lenders for a long long time.

Like anyone is going to believe a fashion magazine…sure…

I am sure there will be more than fashion on his site. There might be messages like asking republicans not to vote or asking them to vote for Stacey Abrams. I take such messages very seriously and I am sure all my fellow republicans do.

And then again and looking how the country is going and the rate that conservatives are being silenced, it might be a huge hit.

Definitely dear sir, like trump airlines, trump Vodka, trump steaks..... this will follow the tradition of huge hits!!!

0 ( +0 / -0 )

likely to make hundreds of millions anyway.

already made 5 Billion, with a B. in TWO days.

Yeah thats a total flop and failure, huh?

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already made 5 Billion, with a B. in TWO days. 

Yeah thats a total flop and failure, huh?

Well dear sir, I suggest looking up GameStop on how small investors can drive up prices only for them to crash!!!

I hope you know they haven’t actually done anything other than a few announcements!!!

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Zichi, again with respect, you aren't answering. I know there are tax strategies that avoid paying year to year. If Buffet wants to pay more, he can shut his yapper and do it. But he doesn't. He just uses it as a cheap talking point.

Your fact check also seemed to confirm what I said about the one percent, or did I miss something?

You mentioned a 40% tax on "wealth and income". Problem is that once you tax the wealth, it is gone forever and can't be taxed again. Income is generated yearly and is a constant source of tax revenue. Wealth can also disappear due to market forces just as easily as it is accumulated. So if Bezos, for example, had LOST half of his wealth due to the pandemic (rather than doubling it), would you agree that he is entitled to tax relief?

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Isn’t that in most cases already previously taxed money? That’s not a good and maybe a more illegal move to tax those riches twice. In addition, they cannot be forced at all to pay it (more than once). They can simply close their mega companies and set millions of poorer to unemployment and homelessness. At least they could make that threat to avoid those additional tax payments. Makes no sense to start a war against them, can’t you see? Btw, they give , even if they avoid taxes formally, a lot of money to charities and of course into investment to other companies and start-ups which all wouldn’t exist or employ the higher number of people then. That means for example, if you take more tax from them officially, you have to spend more of it for welfare and have higher unemployed or crime rates then.

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Such anger about people making money. These are the people leftists need in order to pay for their social programs.

Not really. Money is a social construct. The government can make more, just like that. Inflation, to a certain degree, is a good thing, because it encourages investment as opposed to hoarding. But neoliberalism hates that. And it loves "let the wealthy do what they want". As I've said before: the guiding principle of American conservatism is that the law should protect but not bind the rich, and it should bind but not protect the poor.

That's why all the multimillionaires on this website - who are totally out of touch with the working class by definition of being so fabulously wealthy that they cannot conceive of the idea of want - love neoliberals like Trump and will vote for the neoliberal GOP no matter what garbage they sling down their necks.

I don’t see anyone here angry at Nancy Pelosi using her inside knowledge of the Biden infrastructure bill to help her husband double their money on Tesla.

Sounds bad, let's investigate.

-1 ( +0 / -1 )

The super-rich avoids income tax by keeping their wealth in the capital gains system. Lower rates. They then borrow money against their wealth but combined with taxes and interest rates they still pay fewer taxes.

One tax system for everyone.

-2 ( +0 / -2 )

One tax system for everyone.

Dems have control of all government. Change the law.

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40 million people can not afford basic health care. At the peak of the pandemic, 20 million people lost their work and many of them their health care. Tens of millions struggled or could not pay their rents and mortgages. Millions in foodbank lines.

The Trump tax break gave millions to the rich and pennies to the poor.

-2 ( +0 / -2 )

Billionaires like Bezos but the lowest hourly rate in Amazon, now $18 per hour. Forced to increase from $15, because not enough workers to deal with the increased demand. The $18 is only for the warehouse workers, not all employees.

Is $18 an hour good?

"So, if you make $37,440 (or more) a year, you can consider yourself just above average (as far as earnings in America go). The bright side is that a full-time job making $18 an hour would put you well above poverty guidelines ($12,750 a year) for a single individual."

Jeff Bezos earns

"Based on his annual income of about $1.7 million, Bezos makes more than $140,000 a month, and $4,700 a day. If you break it down further, the billionaire makes about $390 an hour, $6.56 a minute, and $0.10 a second."

"Taking into account his rising net worth over the past few years, Bezos makes about $8.99 billion per month, $2.25 billion per week, or $321 million per day, according to Vizaca.com."

-2 ( +0 / -2 )

Blacklabel

According to you, you live and work in Japan. Not in America. Up to $100,000 you can pay Japanese taxes instead of the American ones.

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am the working class and in fact work multiple jobs even now.

If you own a business and employ people, which you have said is what you do multiple times, you are part of the capitalist class, not the working class.

But then, you've also said you work for other people.

And that you make your money from "meme stocks".

So it's hard to know what is true with you. Because everything you say is at odds with everything else.

I just took the remainder of my pay that socialists couldnt give away and invested it well in education and then in financial investments.

Socialism is not a thing in the USA. Unless you are a multimillionaire (as you are), in which case the state will protect you with public funds.

Where does the money to invest come from? working.

It's actually inheritance, in the vast majority of cases.

Where did the money to invest in Trump media come from? my paycheck and previous earnings from money I worked to get.

Sorry your info got hacked. You might want to cancel your credit card.

It didnt magically fall out of the sky.

You're a multimillionaire who got a tax-cut from a billaionaire. Money did fall from the sky for you.

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Good! Tax them more!

Yes.

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every successful businessman in history has realized that you can make more money taking a cut of the revenue generated by 1000s of people than you can ever make from your own individual efforts. We have to sleep, we get tired, we have other interests. heard of passive income streams? keep the money coming in, while you sleep. Biz 101.

Bezos is a weiner, no doubt. But Ive also seen pictures of him working by himself in his spare room with some sad banner that just said Amazon.com in magic marker.

He struggled and put his entire effort and life on the line to make his company what it is. Did his workers go through any of that? or do they just show up and get a check every 2 weeks? his effort, his reward. you cant just casually expect him to pay 100 billion in taxes just because he has enough money to send a rocket to space.

Its his money that is left over after he pays the taxes the law requires. He can give it to his employees, he can invest it, spend it, burn it. Its his.

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