'Fuming' Billionaires Issue Profane Denunciations of Tax Bill

Regular Member Posts : 7317 Join date : 2014-07-29

3-28-2022

'Fuming' billionaires issue profane denunciations
of Biden's new minimum tax plan.

America's billionaires would have to pay more taxes under President Joe Biden's latest proposal --
and they aren't happy about it.

Biden's plan is to issue a minimum of a 20 percent
tax on billionaires. It comes after a 2021 report by ProPublica that revealed “a vast trove” of leaked Internal Revenue Service (IRS) documents that showed billionaires like Jeff Bezos and Elon Musk have all avoided paying any federal income tax for several years, despite raking in cash.

During the 2020 campaign season, nearly every Democrat running lamented billionaires should at
the very least pay more in taxes than a teacher
or even their assistants.

Billionaire investor Leon Cooperman complained on Monday to Insider that Biden's proposal is "stupid" and "probably illegal."
“It's dead on arrival, it's not constitutional, and it doesn't make any sense,” the Daily Beast reported, citing the same "fuming" billionaire in an interview. “Why don't they eliminate the fucking loopholes in
the tax code?”

The ten richest Americans, if they paid the taxes in Biden's plan could generate $2.15 billion in annual revenue. That number also happens to be the same as the cost that the FCC has for broadband internet
in rural areas.

Biden's plan would target households making $100 million or more with the minimum annual tax rate of 20 percent, including profits on their investments.

To put that in context, there are "745 billionaires
in the United States, compared with 614 in March 2020," the New York Times reported in Nov. 2021.

"Under the current system, many billionaires are
able to avoid paying meaningful taxes for years or even decades by holding on to liquid assets that are only taxed once sold," the Daily Beast explained.

"Average investors can defer taxes in the same way, but the ultra-rich can fund their lifestyles by borrowing huge sums of money and using their shares as collateral, preventing them from incurring significant tax liabilities."

Most of the uber-rich have teams of investment analysts, lawyers and accountants who work to
help find the loopholes that they can use to funnel charitable deductions or dodge other tax obligations.

At the same time, the IRS is woefully underfunded and has been unable to go after uber-wealthy corporations or Americans who dodge paying the taxes that they do owe.
It's the main reason that Biden's Build Back Better plan was fully funded, because it would allow the
IRS to go after those tax dodgers, the CBO explained.

Regular Member Posts : 7317 Join date : 2014-07-29

3-28-2022

'They have the means to pay these taxes —
and they'll have nine years to do it':
Katie Porter on billionaire tax.

Monday night, Rep. Katie Porter (D-CA) explained the recently proposed "billionaire tax" that would ensure
a minimum tax rate of 20 percent for the top 0.01 percent of wage earners. There are under 750 billionaires in the United States, but this is already making most of them irate.

Porter explained that those who are already paying their taxes have nothing to worry about this would only raise the taxes on those skirting the rates.

"The basic idea here is that billionaires earned income net escaped the ordinary tax system," she explained. "For most of, us $1 we earn is $1 that we put on our tax returns. But for the ultra-wealthy, when they earn an extra dollar, it's $1 that they're able to defer taxation on.

It is set aside, often for decades or generations and avoids taxation. So, this really does just accelerate those taxes so that they're paid evenly as they are earned, which is exactly what happens to the rest
of us."

There's also a problem with the ultra-wealthy, who make their money in stock options, not actual cash. Then they can borrow money against those stocks. Those are going to be difficult to catch, she noted.

"To be clear, one of the reasons that we need to approach taxation through this minimum wealth tax, is that many of these people with their army a very talented lawyers and accountants —
and through very careful ways that they structure with they receive from the corporations or places
that they've worked or the businesses that they
own — they may not have very high regular incomes.

They make it most of their pay, for instance, and stop. And that's why even if we raced the top tax bracket higher and we probably should, it's hard to think about how high you would have to go to capture someone like Elon Musk or Jeff Bezos,"
said Porter.

If this inflation keeps up we'll all be billionaires soon.

Hell, we'll be trillionaires!

'Fuming' Billionaires Issue Profane Denunciations of Tax Bill 1VExSMq

'Fuming' Billionaires Issue Profane Denunciations of Tax Bill 1VExSMq

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