Biden Eyeing Tax Rate as High as 43.4%

BMF

Bad Mother....
Lifetime Member
Sep 8, 2014
22,796
50,538
Here's an article on the coming 'wealth tax' (and don't tell me that this won't trickle down to the rest of us, over the years)...those evil 'rich' people:

Democrats draft plan for another raid on the rich with a 'patriot tax'

Democrats draft plan for another raid on the rich with a 'patriot tax'

The very richest Americans could be hit with bills for billions of dollars under plans being developed for a wealth tax by Democratic Rep. Tom Suozzi, it emerged on Monday, which would see Amazon founder Jeff Bezos face paying almost ten billion dollars on his enormous wealth.

Suozzi, who sits on the tax-writing House Ways and Means Committee, is drafting what he called a 'patriot tax.'

It would impose one-time tax of 2.5% on wealth above $50 million and a 5% surcharge above $100 million.

At that rate, Bezos, the country's wealthiest person, would face a payment of almost ten billion dollars on his wealth of about $195 billion.

That would force him to sell a chunk of his Amazon shares or other investments in order to generate the cash needed, although the proposal would allow him five years to pay off the bill.

The proposal comes amid growing pressure to develop new ways of ensuring billionaires pay their fare share after a report highlighted how clever accounting means they often pay federal income tax at lower rates than ordinary working families.

How America's 10 richest residents would have to pay BILLIONS in surcharges under the Democrat's raid-on-the rich 'patriot tax'
Plans developed by Rep. Tom Suozzi would mean a one-off payment of billions for the country's richest people:

1. Jeff Bezos, Amazon (total wealth $194.8 billion) - would pay $9.74 billion

2. Elon Musk, Tesla (total wealth $153.7 billion) - would pay $7.69 billion

3. Bill Gates, Microsoft (total wealth $126.8 billion) - would pay $6.34 billion

4. Mark Zuckerberg, Facebook (total wealth $122.9 billion) - $6.15 billion

5. Larry Page, Google (total wealth $106.9 billion) - would pay $5.35 billion

6. Warren Buffet, Berkshire Hathaway (wealth $106.8 billion) - $5.34 billion

7. Larry Ellison, software (total wealth $105.9 billion) - would pay $5.30 billion

8. Sergey Brin, Google (total wealth $103.6 billion) - would pay $5.18 billion

9. Steve Ballmer, Microsoft (total worth $76.5 billion) - would pay $3.83 billion

10. Alice Walton, Walmart (total wealth $66.2 billion) - would pay $3.31 billion

Source - Forbes
 

FireFoley

Senior Member
Lifetime Member
Nov 19, 2014
6,728
10,137
Amongst those 10 that is about 60 BIL. Isn't that like someone giving me about 7 cents and telling me to put that towards my credit card bills?
 

BMF

Bad Mother....
Lifetime Member
Sep 8, 2014
22,796
50,538
Amongst those 10 that is about 60 BIL. Isn't that like someone giving me about 7 cents and telling me to put that towards my credit card bills?

I think this is just a first, necessary step - they go after the 'evil rich' first, get the American public bought in.....then they go after millionaires.....then they implement the "French model", a tiered system, where anyone with personal "wealth" pays a "wealth tax" (the French model starts around $250k). This may take many years to get to the end goal, but this is the end goal. Blue states already do this with cars/autos/boats/RV's, etc.
 

FireFoley

Senior Member
Lifetime Member
Nov 19, 2014
6,728
10,137
I think this is just a first, necessary step - they go after the 'evil rich' first, get the American public bought in.....then they go after millionaires.....then they implement the "French model", a tiered system, where anyone with personal "wealth" pays a "wealth tax" (the French model starts around $250k). This may take many years to get to the end goal, but this is the end goal. Blue states already do this with cars/autos/boats/RV's, etc.

Oh you don't have to convince me. The DUMS have argued for years that Trickle Down Economics never works. Yet they say these will not be Trickle Down Taxes. :lmao2: The DUMS just do not understand how economics/business works.
 

CDGator

Not Seedy
Lifetime Member
Jul 24, 2020
10,632
28,915
Ironic that they call it a “patriot” tax considering the connotation that Trump supporters have being called patriots.
 

Fodderwing

Well-Known Member
Lifetime Member
Feb 2, 2017
2,833
5,270

Fodderwing

Well-Known Member
Lifetime Member
Feb 2, 2017
2,833
5,270
I hope the Mitch can keep the estate taxes at current rates at worst.

Stop Biden's Double Death Tax | CNSNews

President Joe Biden has other ideas; at the heart of his budget is a new, second “double” death tax with an effective rate of 43.4 percent on the appreciated value of assets held by an owner following their death. This new double death tax is in addition to, not instead of, the estate tax. And with only a proposed $1 million exemption, it would hit all income levels as vast numbers of small businesses, family enterprises, and farms may be hold assets (land, buildings, machinery, etc.), but are often cash poor or even in debt.
 

BMF

Bad Mother....
Lifetime Member
Sep 8, 2014
22,796
50,538
I hope the Mitch can keep the estate taxes at current rates at worst.

Stop Biden's Double Death Tax | CNSNews

President Joe Biden has other ideas; at the heart of his budget is a new, second “double” death tax with an effective rate of 43.4 percent on the appreciated value of assets held by an owner following their death. This new double death tax is in addition to, not instead of, the estate tax. And with only a proposed $1 million exemption, it would hit all income levels as vast numbers of small businesses, family enterprises, and farms may be hold assets (land, buildings, machinery, etc.), but are often cash poor or even in debt.

Yep - both of your concerns are an issue. I know the "average" American doesn't have to worry about much more than $1 million in estate tax issue - but in this day and age of 401k's, most people in the next 10 years or so will retire as "401k millionaires". The whole idea of an estate tax to me is bullsh*t (because it's money that's already been taxed) but it's something that will never go away (because of Democrats). So if it has to exist, it needs to be a minimum of $5 million - or not include 401k's.

The capital gains tax will impact anyone who trades and/or has real estate transactions. 25% is bullsh*t too, because they don't let you write off that much in losses.
 

Fodderwing

Well-Known Member
Lifetime Member
Feb 2, 2017
2,833
5,270
Yep - both of your concerns are an issue. I know the "average" American doesn't have to worry about much more than $1 million in estate tax issue - but in this day and age of 401k's, most people in the next 10 years or so will retire as "401k millionaires". The whole idea of an estate tax to me is bullsh*t (because it's money that's already been taxed) but it's something that will never go away (because of Democrats). So if it has to exist, it needs to be a minimum of $5 million - or not include 401k's.

The capital gains tax will impact anyone who trades and/or has real estate transactions. 25% is bullsh*t too, because they don't let you write off that much in losses.

My wife and her sisters inherited 400 acres in Central FL from their father. Currently the property is in a trust, but I hope somebody makes an offer they would be crazy to refuse.
 

CDGator

Not Seedy
Lifetime Member
Jul 24, 2020
10,632
28,915
My wife and her sisters inherited 400 acres in Central FL from their father. Currently the property is in a trust, but I hope somebody makes an offer they would be crazy to refuse.

Sadly this will impact so many families across America that own family businesses and farms. Many will have to fire sale the property just to afford the taxes in the first year after they inherit it.
 

BMF

Bad Mother....
Lifetime Member
Sep 8, 2014
22,796
50,538
Sadly this will impact so many families across America that own family businesses and farms. Many will have to fire sale the property just to afford the taxes in the first year after they inherit it.

This is true if they lower the estate tax to $1 million. It's a complete joke if they do.

I always love it how only the dems can set "fair" tax rates (otherwise it's "tax cuts for the rich!!! OMG!!")....
 

Bushmaster

Well-Known Member
Lifetime Member
Jul 27, 2018
2,618
5,096
When you work thru the mechanics of this, the ones who will make out like fat cats are the super rich, ones who’s estates are well over the 11 mil threshold right now.


Under current law, assuming a 40% estate tax and an 11 mil exemption, an estate worth 100 mil would pay about $36 million in estate tax and the heirs would inherit $64 million.


Under what is proposed, and this changes with the wind, the same $100 mil estate would get capital gain treatment on $100 mil “selling price” less tax basis of “who the hell knows in some cases”, lets call it $5 mil, that would total about $15 mil in federal tax.


36 >>>>>> 15.


But wait, here is the REAL rub. Lets suppose that $100 mil estate has a tax basis of $40 mil.


That is capital gain rate of 15% (currently) on $60 mil of unrealized gain, which is a mere $9 mil.


36 >>>>>>>>>>>>> 9.


This is a backdoor benefit to the dims rich techie supporters.


Now Joe Farmer who inherited his land from his granddaddy 50 years ago at $25 per acre is getting fkvked. He has an 11 mil exemption now and the estate most likely never pays a dime. Suppose that farm land is now worth $3k per acre and he has 2500 acres. That is a $7.5 estate with a basis of $62,500. Tax on that at capital gain rates is $1.115 million dollars.


Farmer Joe gets fcvked with no lube while Zuckerberg and Bezos get blown.
 

BMF

Bad Mother....
Lifetime Member
Sep 8, 2014
22,796
50,538
Dems are fighting to restore the SALT deductions, which generally benefit "the rich" - and mostly overpriced Blue states. Why are they not concerned w/ the "fair share" mantra here? Hypocrites!

SALT: Here's how lawmakers could alter key contentious tax rule

The SALT deduction let individual taxpayers who itemize their personal deductions to deduct their aggregated state and local taxes on their annual tax return. In 2017, the Republicans pushed through the Tax Cuts and Job Act, which capped that deduction at $10,000. It was seen by Democrats as a punitive move to hurt blue states, many of which have the highest local tax rates in the U.S.

There is also study after study after study finding the benefits of a SALT restoration almost exclusively go to the rich. According to the Tax Policy Center, a full repeal of the SALT cap would lead to almost 70% of the benefits going to people with annual incomes above $500,000.
 

BMF

Bad Mother....
Lifetime Member
Sep 8, 2014
22,796
50,538
I know this is political, but this is something they want in their tax plan - how the f*ck do you tax UNREALIZED capital gains???

 

bradgator2

Founding Member
Rioting
Lifetime Member
Jun 12, 2014
8,503
19,973
Founding Member
I know this is political, but this is something they want in their tax plan - how the f*ck do you tax UNREALIZED capital gains???



:lol:

What's to stop the county appraiser from saying your house is now worth 1 million? Or why stop there.... 10 million!?
 

BMF

Bad Mother....
Lifetime Member
Sep 8, 2014
22,796
50,538
:lol:

What's to stop the county appraiser from saying your house is now worth 1 million? Or why stop there.... 10 million!?

It's like the 'wealth tax'. They want to tax money you have already earned, paid taxes on, and have sitting in a safe haven (plus tax any interest you make off those safe havens/investments).

I've discussed this before - Angry Liz Warren made the comment "we may need to look at the French model" (of the wealth tax). Dems say, "the wealth tax will be for only wealth over $50 million..." But then Angry Liz makes that comment - the "French Model" is set up like our tax system, in tiers. It starts as low as $250k to $1.5million. So if you have a net worth of $250k or more you're paying an annual wealth tax. But how do they determine what "wealth" is taxed? Does a 401k account count? Do they tax your personal property? In Virginia, and a lot of other northern/NE states, they do already have a "personal property tax", which is applied to any vehicle you own that requires a tag - so if you own a $20,000 car, you essentially pay sales tax on it every year (w/ annual depreciation). It's ridiculous!
 

Users who are viewing this thread

Private conversations
Help Users