OpinionPolitics

Billionaire Tax: Biden Attempts To Pay for His Spending

Biden needs to pay for his exhorbitant spending, so he is proposing a Billionaire tax in his 2023 budget, which is set to be released today (Monday). According to the Biden administration, the proposal would bring in at least $363 Billion over the next 10 years. Biden says his plan “rewards work, not wealth.” The problem is that it may pave the way for more taxes on everyone.

Does this Billionaire tax include crooked politicians like Biden and his son who have reportedly taken in millions? Trump’s tax cuts greatly assisted Americans across the board, yet Biden bashed the tax cuts as only helping the top 1% – it was a blatant lie. Which is why this proposal may or may not be beneficial, and should be carefully reviewed.

Dubbed the “Billionaire Minimum Income Tax,” the Biden administration proposal, as highlighted in the document, aims to “ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income, including unrealized appreciation.”

As part of the plan, a 20% minimum tax rate would be placed on U.S. households worth more than $100 million, with more than half the revenue coming from households worth more than $1 billion.

“This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters,” the document stated…

“In effect, the Billionaire Minimum Income Tax payments are a prepayment of tax obligations these households will owe when they later realize their gains,” the document said. “This approach means that the very wealthiest Americans pay taxes as they go, just like everyone else, and eliminates the inefficient sheltering of income for decades or generations.”

Biden’s Billionaire tax (Fox)

Biden told reporters previously that, “I’m running to change the dynamic of how the economy grows. I’m tired of trickle-down. Trillionaires and billionaires are doing very, very well. You all report it.”

There are no “trillionaires” in America, by the way. And the wealthiest added as much as $195 billion to their coffers under the Biden administration in just the first 100 days of his administration (Bloomberg). His “economic policy” has so far benefitted only the wealthy and decimated the middle class.

According to Breitbart, last year’s budget effort to tax the wealthiest Americans was thrown out by Democrats. The tax burden of middle-class Americans is expected to rise significantly by 2026.

H/T Uncle Sam’s Misguided Children

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Faye Higbee

Faye Higbee is the columnist manager for Uncle Sam's Misguided Children. All of her posts on Conservative Firing Line are also posted on Uncle Sam's.

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