Hillary Clinton Fined
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Biden’s Billionaire Tax Proposal
Warren Buffett has famously said that he pays, in percentage terms, less taxes than his secretary. And on Mar. 28, the Biden administration attempted to do something about that. The proposed fiscal budget for 2023 includes a new 20% minimum tax on billionaires. Being promoted as a plan that “rewards work, not wealth,” it also promises to reduce the federal deficit by more than $1 trillion over the next decade.
This proposal is the definition of specious. It sounds reasonable. Only 20%. Only billionaires. And reducing the federal deficit by a trillion dollars? Who could object to that?
Well…
* It’s not just billionaires, but all households with a net worth of $100 million. (The Nancy Pelosi household is included!)
* The arithmetic was fact-checked. And the reduction in the federal deficit won’t be $1 trillion in 10 years, but more like $240 billion.
* The inclusion of “unrealized investment income” is a big problem. It refers to the profits you have in your stock market portfolio at the end of the year. But what happens if you take a loss the next year? The bill attempts to deal with this by allowing for rollovers, but it looks like a mess waiting to happen.