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Biden to Propose New Minimum Tax of 20% on Wealthiest Americans
- codevark 5y ago
- hunglee2 5y agogood politics from Biden, but ethically unsound, especially on taxation of non-realised gains. What happens if those assets lose value in any given year - do the billionaires get a rebate?
- missedthecue 5y agoAdditionally, an extra estimated $36 billion per year in tax revenue, especially in the face of all the new spending initiatives seems like it barely worth the effort. I wonder how much would be spent trying to reduce this new tax liability. More or less than $36B?
- hunglee2 5y agohadn't actually looked into the expected receipts - maybe it is entirely politics, in which case great for Joe + great for the tax consultants. But a horrible precedent on non-realised gains - got to mean investment flight out of the US
- deleted 5y ago[deleted]
- argella 5y ago1) tax unrealized gains 2) print shitloads of the money to massively inflate all assets 3) ??? 4) profit
- mbg721 5y agoTaxing unrealized capital gains would have tons of chaotic results. It's not a well-thought-out plan.
- timcavel 5y ago
- windows2020 5y agoWhat if we instead amend the tax return to document unrealized gains, make it public and create a culture where the rich who do good for society are celebrated and those who don't are shamed?