You can be sure that it would be structured that Pelosi and those like her would not be affected.

quote:

Originally posted by ZSMICHAEL:


The proposal, which would likely affect fewer than 1,000 of the wealthiest U.S. taxpayers, would help pay for Biden’s social policy and climate legislation.

Yeah right

They WANT IT ALL and will never stop until they have it and have all of us on the dole.

What happens, when these billionaires are forced to pay this tax. Their wealth is based on these stock holdings. They don't have vast amounts of cash lying around. They'd be stupid to do so. So if they need to pay this tax, they'll be forced to sell down their holdings.

Of course, doing so would pound down the value of the stock their selling. So what happens to the value of the stock in the retirement accounts of tens, if not hundreds of millions of Americans? They get pounded down also. So in their misguided, socialistic attempt to enforce economic equality, these idiots are going to reduce the wealth of most of the country.

It is not that the billionaires are "making too much money," it is that the wrong people are doing so.

quote:

in their misguided, socialistic attempt to enforce economic equality, these idiots are going to reduce the wealth of most of the country.

Bonus!

quote:

Originally posted by dave7378:
Low hanging fruit and a bad idea. Taxing "unrealized gains" is unfair. Will the taxed be able to write off "unrealized losses"?

^^This. By taxing or deducting unrealized gains or losses, the basis in an investment will be all over the place. Imagine you've purchased a stock twenty different times. You'd need to calculate the tax and new basis for all twenty purchases individually. Everybody needs to buy another filing cabinet.

Congress always talks about how complicated taxes are, and they say it needs to be simplified. Then they turn around and complicate it some more.

It depends on how they define billionaires.

I'm not ready to pick up the cause for any billionaire. I figure they have more than enough resources to fight for their interests.

These billionaires are the ones who fund these politicians' campaign. I don't buy the story that they're dumb enough to bite the hand that feeds them.

There's fewer than 700 billionaires in the US.

Making a law specifically to target a few Americans is pretty insane.

They might as well just print off a list of 615 people, slap on a swastika on their uniform, and march on over and just start seizing assets for no goddamn reason. It's literally the same.

These 700 billionaires produce many, many times their net worth every year in taxes.

Jeff Bezos is worth $200 billion, give or take. His company employs almost a MILLION people, probably pays out more than $365 billion in salaries every single year, probably generates billions and billions of dollars in economic value for each state in direct activities, hundreds of more billions of dollars in downstream economic activity including giving tens of thousands of small retailers and producers of consumer goods an outlet to sell their stuff.

And, his $200bn isn't hurting anyone. It's just numbers on a ledger at this point. Who cares if he has more money than the rest of us? When he spends it, or when his heirs spend it, it's going to be money going back into other people's pockets. Someone's gotta fly his jets and build his yachts, right?

Let's go ahead and kill the geese that lay the golden eggs.

Think about the economic value derived by having Microsoft, Apple, Google, Facebook, Tesla, Netflix, etc all be US companies. Imagine a world where the software giants weren't American--imagine a world where 97% of computers (Windows and MacOS combined market share) was ChinaTech. Imagine a world where 99% of smartphones (Android and iOS combined market share) was ChinaMobile.

Goddamn government is truly idiotic.

quote:

Originally posted by chellim1:
But the idea has already been breached.

Broached. We're hoping the forces of good breach and then destroy it.

Nothing is going to happen to the Billionaires. The Govt probably had to get their permission just to discuss this in the open.

Note to self, buy more Cryptocurrency...


As people move money to digital currency to eliminate government bank tracking and avoid taxes.

Bitcoin will be $100K a coin soon...

When the government can’t afford something, the Democrats are more than happy to tighten your belt for you.

quote:

Originally posted by HRK:
Note to self, buy more Cryptocurrency...


As people move money to digital currency to eliminate government bank tracking and avoid taxes.

Bitcoin will be $100K a coin soon...

Bitcoin is absolutely being taxed here in the US. The IRS has an entire Division focused solely on Cryptocurrency.

This idea about taxing people according to their net worth is absolutely INSANE. Anyone who supports this, shame on you.

Do you honestly think this tax won't eventually start trickling down to everyone else? It will. By hook or by crook, it will.

quote:

Originally posted by Aeteocles:


Making a law specifically to target a few Americans is pretty insane.

Goddamn government is truly idiotic.

You are right!

Alternative Minimum Tax was just that! Designed in the 70's to tax a few people that were paying no tax. Then because it was not indexed, it morphed into a tax that damn near anybody with any income and itemized deductions had to pay. They are at it again.

And if you don't think this will "trickle down" you are fooling yourself. Call your Congress-critters and raise hell.

quote:

Originally posted by Il Cattivo:

quote:

Originally posted by chellim1:
But the idea has already been breached.

Broached. We're hoping the forces of good breach and then destroy it.

Yes, thank you!

You know that Crypto is more traceable than real cash, right?

quote:

Originally posted by HRK:
Note to self, buy more Cryptocurrency...


As people move money to digital currency to eliminate government bank tracking and avoid taxes.

Bitcoin will be $100K a coin soon...

^^^^^^^^^^^^^^^
Move to Puerto Rico and cut your crypto taxes.

w. wilson did this exact tactic to get income tax passed.

Only a very little percentage, only on millionaires, etc., etc.

Now look at us.

Screw this and the people that are part of it.

There are a lot of things wrong with this proposal, so I'll add one more: There is something deeply immoral about making someone who worked their tail off transforming an idea into a massive success (meaning the public values tremendously what they offer) sell off a portion of their company to pay a wealth tax, especially if that results in them losing control of the company they built. Billionaires don't need my help or deserve my sympathy, but the principal is repugnant.

And how would this even work? Elon Musk is currently worth $230 billion. I don't know what his basis is in Tesla/Space X, etc. but it probably isn't much. Are we only taxing this year's capital gain or all of the gains accrued to this point? If the latter, unless he has several billion dollars in liquid assets, he's going to have to sell stock (or other assets) to pay the tax bill. That's a realization event, so would he pay taxes on the income as well as the additional wealth tax? Does he get a refund if the stock price goes down next year? During the great recession Gates' worth dropped from $59 billion to $40 billion and Buffett fared even worse, dropping from $62 billion to $37 billion -- these aren't trivial concerns and the numbers are staggering.

I think that Q answered this issue earlier. Buffet and Musk have paid little to no taxes in the past.