Senate negotiators homing in on proposal to tax billionaires

[mystery-ak]

Senate negotiators homing in on proposal to tax billionaires
By Alexander Bolton - 10/25/21 02:27 PM EDT

Democratic Senate negotiators are homing in on a final proposal to tax the nation’s wealthiest individuals and families as a principal source of revenue for a major human infrastructure spending bill.

The proposal would apply only to taxpayers who have more than $1 billion in assets or who earn $100 million in income for three consecutive years, according to a person familiar with the negotiations.

It would apply to around 700 taxpayers and is projected to raise hundreds of billions of dollars.


“In a package that’s supposed to be about giving everybody a shot to get ahead, it would be a big mistake, from both a policy and a political perspective, not to ask billionaires to pay a fair share,” said Senate Finance Committee Chairman Ron Wyden (D-Ore.) in a statement Monday.

“The Billionaires Income Tax is about fairness and showing the American people taxes aren’t mandatory for them and optional for the wealthiest people in the country,” Wyden said. “No working person in this country thinks it’s right that billionaires can pay no taxes for years on end, and sometimes never at all.”

Senate Democrats initially wanted to raise revenue to pay for their budget reconciliation package by raising the corporate tax rate and marginal income tax rates on wealthy Americans in the top income tax bracket.

But plans to raise the corporate tax rate and marginal income tax rates were shelved because of opposition from Sen. Kyrsten Sinema (D-Ariz.).

more
https://thehill.com/homenews/senate/578332-senate-negotiators-homing-in-on-proposal-to-tax-billionaires

[mystery-ak]

Biden Administration Proposes Taxing Billionaires’ ‘Theoretical Income’ to Pay for Spending Bill

Katherine Hamilton 25 Oct 2021

U.S. Treasury Secretary Janet Yellen proposed taxing billionaires’ unrealized capital gains to fund President Joe Biden’s $2 trillion spending bill — a bill which the president has claimed costs $0.

During an interview with CNN on Sunday, Yellen touted the idea of taxing the unrealized capital gains of the wealthiest 1 percent, though she claimed the measure would not count as a “wealth tax.”

She said:

    Um, I think what’s under consideration is a proposal that Sen. [Ron] Wyden [D-OR] and the Senate Finance Committee have been looking at that would, um, impose, um, a tax on unrealized capital gains, um, on liquid assets held by extremely wealthy individuals, billionaires.

    I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinary large part of the incomes of the wealthiest individuals, and right now escape taxation until they’re realized. And often they are only realized in a death, benefitting from a so-called step-up of basis.

    So, it’s not a wealth tax, but, um, a tax on unrealized capital gains of exceptionally wealthy individuals.

https://twitter.com/disclosetv/status/1452422986015944711

more
https://www.breitbart.com/politics/2021/10/25/biden-administration-proposes-taxing-billionaires-theoretical-income-to-pay-for-spending-bill/

[libertybele]

Taxing billionaires on unrealized capital gains .... whereas Sen. Tim Scott  Scott warned the American people foremost of the Democrats' opaque plan to tax unrealized gains, appearing to differ from the left's implicit claims such levies only hurt the wealthy.

He also is claiming that the DEMS locked out Republicans from negotiations on the multi-trillion-dollar socioeconomic overhaul legislation dubbed human infrastructure.

So .... which is it?  Are they taxing only billionaires on unrealized capital gains or will the rule be applicable to all??

I find it alarming in the first place that the GOP was left out of negotiations ...   that in itself  leads me to believe that this will apply to all and not just to the extremely wealthy.

The billionaires will be unscathed and the ordinary folks will be taxed into oblivion. I could be wrong, but I believe Sen. Scott and think that what Yellen is saying is misleading.

[Killer Clouds]

Yelled (DCP) is lying again.

[sneakypete]

It would apply to around 700 taxpayers and is projected to raise hundreds of billions of dollars.

Good thing they can't shift all their assets but around 90 million bucks into offshore banks,huh?