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Im not part of the 1% as they like to call it. A tax on value is the most ludicrous idea ever. You think IRS agents are stuck in the mud now. Wait until they have to agree on the value of assets of someone who has assets on many many fronts and there are many different ways to value assets, especially assets that don’t trade often. This is just another Dem political stunt to act like the rich aren’t “paying their fair share”. Also whose foundations do you think supports untold charitable organizations with millions upon millions of dollars of support.
Agree Larry and that will never fly. No way to formulate the value of real estate, stocks, bonds, and other assets. Plus it’s way to time consuming. I hope they can agree to tax the corps a little more (3%+), but the companies will just dodge it regardless like history has proven time and time again. I’m not mad but that’s just the reality.
Are we claiming that “trickle down charitable giving” is now a thing?
Because I know the data on trickle down economics … shows it simply doesn’t work.
Jaron, that’s why this minimum corporate tax interests me the most because your right that the bigger the company or individual the less tax they pay because of the army of people hired to get that tax down to zero. If theirs a no escape minimum then that should help, right? Of course that will get passed on to me the consumer and I’ll end up paying their 15% obligation anyway lol.
BTW, Larry I agree with you that any kind of value tax will be too complex and probably not fair. Your friends will get taxed far less than your enemies. The last thing we need in this polarized society are taxes that are subjective because we already leave too many loopholes for the wealthy. Simplify the tax code please don’t make it even more complex.
Just do away with all the deductions and exemptions. No deductions, no tax credits, no loopholes, no nothing – pay tax at whatever rate it’s set at and that’s all. Nothing else. Period. Yeah, too simple..
It takes 2,000 billions of dollars to get 2 trillion dollars. There is no way there are that many billionaires. It is going to come from the middle class one way or another for Biden to funnel $2,000,000,000,000 into the Washington DC cesspool. It is either tax the middle class hard or print inflation, or both. Either way, the middle class loses. And just to control them if they get rowdy, make the banks report all money transactions to the government. This sounds too Orwellian to the “land of the free”!
Well, you’re employing [at least] a *little* sophistry. You’re asserting for $2,000B to get $2T by assuming these FCB (Fat Cat Billionaires) are worth merely $1B each. That’s convenient. The 400 richest Americans are worth $3.2T (or ca. $8B each) and allowing for $1B each for the remaining 324 FCBs, $3,524,000,000,000 (probably more, however, we don’t need to itemize *every* billionaire). Elon Musk made $140B last year. (For those keeping score at home, that’s $139B you’re overlooking) Bezos made $72B last year (that’s another $71B you’ve omitted).
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I’m guessing you didn’t scrutinize Trump’s tax savings for his fellow FCBs because he has an (R) next to his name and Biden has a (D). Did you point out, “Economists calculate richest 400 families in US paid an average tax rate of 23% while the bottom half of households paid a rate of 24.2%” back when it happened? (I’m guessing not.) Trump made it seem as though it was a tax cut for everyone. I think Biden is proposing to simply back out Trumpty Dumpty’s (funny book trilogy) tax break, plus…
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It’s not just billionaires who are supposed to see a tax increase – I think it’s everyone who is making tens of millions/year who will see a sizable increase.
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Now, if you were to try to sound sympathetic towards the FCBs, particularly Zuckerberg, you could point out that he’s had a “woe is me” story he circulates periodically about how he can’t do benevolent & charitable things with his riches because it would mean he’d have to cash in some of his Meta/Facebook stock and that could endanger his benevolent dictator status because people could buy the stock he ca$he$ in and he would no longer have controlling interest in Facebook.
Bottom half of households pay nothing close to 24.2% in federal taxes, closer to 3.4%.