Jump to content
society

Tax on billionaires could be scrapped


Teletubby

Featured Posts

Teletubby

House Speaker Nancy Pelosi told colleagues Wednesday that Democrats are in “pretty good shape” on President Joe Biden’s sweeping domestic plan, but fresh problems emerged as a pivotal Democrat panned a new billionaires’ tax to help pay for the $1.75 trillion package.

The proposed tax would hit the gains of those with more than $1bn in assets or incomes of more than $100m a year. Democrats behind the proposal say that about 700 of America’s super-rich taxpayers will be affected by the tax proposal.
“The Billionaires Income Tax would ensure billionaires pay tax every year, just like working Americans,” said the Democratic senator Ron Wyden of Oregon. “No working person in America thinks it’s right that they pay their taxes and billionaires don’t.”


Biden and Democrats are racing to wrap up talks before the president departs this week for overseas global summits, in part to show foreign leaders the U.S. is getting things done under his still-new administration.

The president could visit Capitol Hill late in the day and the administration is assessing the situation “hour by hour,” White House press secretary Jen Psaki said.
“We are on track now to move forward once we get an agreement,” Psaki said at the White House.

The upbeat comments from the Democratic leaders on Biden’s big proposal of social services and climate change programs provided fresh hopes for a deal to be announced Wednesday. But negotiations churned with new setbacks — a just-proposed tax on billionaires could be scrapped after Democratic Sen. Joe Manchin of West Virginia objected, according to a senior party aide, who requested anonymity to discuss the private talks. Manchin panned it as unfairly targeting the wealthy.

source source

  • LMAO 3
  • Shook 1
  • Sad 1
Link to post
Share on other sites
Fan Favorite

The overwhelmingly popular reconciliation bill has been dismantled... not by Republicans... but by “Democrats” themselves. 
 

I have to laugh. 
 

and they’ll be murdered in the midterms. Not like Manchin or Sinema care though. Their donor’s agendas align more with the Republican Party anyway. They couldn’t care less about the rest, but they’ll stop at nothing to keep Americans dependent on high prescription drug prices, costly healthcare, fossil fuels, and for-profit education while funding corporate subsidies with their tax dollars. 

Edited by Fan Favorite
  • Like 9
Link to post
Share on other sites
Frank Potion

I’m so tired of this. 

"I wish hell existed, so that people like you cant get away with **** like this."
  • Like 5
Link to post
Share on other sites
moonsago

Wait, I don’t get it, but why and how have they not been paying taxes until now? Isn’t that for everyone there? Or is there some kind of law or system hole that allows them to not do it if they earn this much money? I don’t understand. 

Edited by moonsago
Link to post
Share on other sites
thefamebitch
2 minutes ago, moonsago said:

Wait, I don’t get it, but why and how have they not been paying taxes until now? Isn’t that for everyone there? Or is there some kind of law or system hole that allows them to not do it if they earn this much money? I don’t understand. 

The mega rich pay our politicians to write laws and tax codes that benefit them. So no, most of them never have paid taxes and (at this rate) never will. 

Edited by thefamebitch
Link to post
Share on other sites
SamanthaC

“Unfairly targeting the wealthy”

Well just let them cry on their piles of money. They won’t miss $100m a year if they’re billionaires. It’s 10% if they are only worth 1 billion. Less if they have more. 

The Adele of GGD's Member & Rain on Me Awards 2020
  • Thanks 10
Link to post
Share on other sites
Reputation King

Get ready for Republicans to take back Congress next year and the White House in 2024 😝

When it’s dark outside you’re always the light
  • Like 2
  • Sad 3
Link to post
Share on other sites
Fresco

Heard Manchin say something about a 15% flat tax/patriot tax. I'm apalled that a supposed democrat said that. He's spending too much time with these gop policies. A 15% flat tax has a huger impact on working poor than on the billionaires. We don't have a flat tax because most people understand that. Also why we have eic and dependent deductions, to make the system scale to tax "disposable" income more.:crossed:

We don't have an energy crisis, as Manchin says. Leave West Virginia coal in the ground for future generations. There is no such thing as clean coal. The state won't get the green energy jobs boost that Joe campaigned for if Manchin's coal state with it's gop ideas keeps polluting the bill.

Manchin is reportedly currently an investor in multiple coal companies. Dirty stinking global warming coal companies. 

ps. Kick him out of the democratic party and let Manchin run as independent, without democratic party funds or endorsements. He's a republican as far as I can see.

 

Edited by Fresco
  • Thanks 1
Link to post
Share on other sites
Economy
2 hours ago, moonsago said:

Wait, I don’t get it, but why and how have they not been paying taxes until now? Isn’t that for everyone there? Or is there some kind of law or system hole that allows them to not do it if they earn this much money? I don’t understand. 

The very wealthy make most of their gains thru investments on stuff like stocks not regular income cuz when u have that much wealth u can literally just reinvest that extra and turn it into more

 

A big issue tho is that capital gains tax rates are lower than upper income tax brackets so on average they end up paying lower tax rates than an upper middle class person or even regular middle class

 

Thats why one of the big pushes is to tax capital gains as income so that high capital gains could fall into such brackets

  • Like 1
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
×
  • Create New...