Biden to propose "billionaires tax" in the 2024 Budget

Of course, now tax churches as businesses too.

DD

 

That's what Republicans do. Democrats balance budgets

 

Delete

 

We have a $1.85 trillion deficit expected for next year and this is suppose to bring in $361 billion over 10 years... so 36 billion a year...

We're saved.

 

Know but like most of the top cats Koch and their ilk only talk of printing money when it involves taxation on themselves and/ or expenditures on little people.

 

If the people with over a 100 million net worth can’t afford a 20% income tax maybe they could get a second job and relax on the Starbucks every morning?

 

I'm good with taxing megachurches or churches with donations that exceed a certain threshold, but not all churches.

Because in reality half of U.S. churches have less than 65 attendees per week and half of Pastors make about $40-55K a year.

I know a Pastor that works at a bank during the week because he doesn't make enough from his church to survive. His church has maybe 100 parishioners, mostly lower and lower middle class. When one of his congregants couldn't per her electric bill, the church stepped in to pay it. That church does not have much money, but they do what they can. Churches like that should not be taxed.

 

That, I definitely agree with.

 

Of course, same as the current tax rate, you give those that have low volume tax breaks, maybe the cutoff is like $300k if you bring in more than that, or whatever the number is, it is taxed.
DD

 

Looks like we have 4 billionaires on the site. Better be contributing members….

 

Just dropped in to see who was boot licking for the billionaires. Just as I expected.

 

Unless you have a million dollars in stocks it doesn’t matter. This rule doesn’t apply to you

 

It's much more then a million

 

Well this is true...LOL!

 

We are taxed on UNREALIZED gains every year with our payment on our property taxes.

We pay taxes on a value on our property which is unrealized......why should they be any different?

DD

 

It looks like the writers of the article didn't even understand it. They must have updated the text, because if you click on the link now states...

"The tax would apply to American households with more than $100 million – about 0.01%, representing the 700 richest Americans. It could create an additional $361 billion in tax revenue over the next decade."

Big difference there.

Is net worth going to be something that needs to be reported?

EDIT: or maybe you just edited the article in your quotes to correct the completely misleading wording in the original article? Because the writers are idiots? I think income makes more sense, because there's definitely more than 700 Americans with greater than $100 million net worth.

 

lol there are probably more than 700 Americans with greater than $ 100m net worth in the small town I live in (about 100k people).

 

Good point. I didn't think about that.

 

It's not a good point. You do not pay the taxes on "gains".