Democrats look for new ways to tax the super-rich. President Biden proposes to raise $503 billion over the next decade by imposing a 25 percent tax on people who claim more than $100 million in assets — a source of wealth that has long been beyond the reach of the IRS.
by mafco
14 comments
[An archived version of the story.](https://archive.is/ugb4q)
It’s a scam. Biden is trying to pull an “Obama” out of his hat.
Nancy Pelosi ain’t gonna like this one bit
25 isn’t high enough
I feel like the better approach is an overall reform. It would go a long ways to get rid of depreciation for anything beyond your current home, get rid of carry over losses, have the same rates for all income sources, and ban paying loans with money from other loans.
Define “claim more than $100 million in assets” because as of now, I don’t think there’s a government entity that requires you to report your assets’ values.
Eliz Warren always looking like she is doing the lords bidding in every damn picture.
Taxing unrealized gains won’t ever happen, but what if they taxed lines of credit that the ultra wealthy use to tap into the value of these assets? I could be wrong, but this income isn’t taxed, but is basically used as income for the ultra wealthy. This is the internet, so I’m sure someone will tell me why this is dumb, but it feels like a way to be able to tax the USE of those assets without taxing the asset itself.
They should be taxed. Put that money back into circulation and to make something for everyone to use.
$503 billion over the next decade is nothing
Meanwhile the debt is increasing by $1 trillion every 100 days and these politicians are trying to convince us its because we’re missing out on $500 billion of rich person taxes over the next decade?
It’s not a taxing problem, its a spending problem.
Let’s have the discussion and look at what would be fair, but don’t mislead the public by conflating unrelated problems.
…and as others have mentioned, taxing unrealized gains is a fantasy.
Correction: Democrats pretend to look for new ways to Tax the Super Rich
This has been tried by other countries. The rich just move assets around.
The problem is…. They can’t control how much they spend after they tax people.
US has about 140 trillion net assets. If you remove 250k per person as like a “standard deduction” 500k for couples, and then also tax advantaged retirement accounts you’re left with 68 trillion.
You tax that at 1% and you’ll have 680 billion a year. Fuck 500 billion a decade. Equivalent of a less than 0.1% wealth tax