Here comes the budget proposal from Biden

[hislegacy]

see post #4

 

[Blade]

Man I really need to find money tree! Holy Jesus.. to keep pulling money out of thin air hurts us.. not them.

 

[iluvatar5150]

Biden unveils $6 trillion 2022 budget that includes costly pandemic recovery and jobs plans

President Joe Biden on Friday unveiled a $6 trillion 2022 budget that includes his initiatives already announced like the American Jobs Plan and American Families Plan.

abcnews.go.com

President Joe Biden on Friday unveiled a $6 trillion budget proposal for fiscal year 2022, which includes his costly initiatives already announced, including the American Jobs Plan and American Families Plan.​

​

It also includes his proposal to raise the corporate tax rate to 28% and increase the capital gains tax on the wealthiest Americans to 39.6%, but it still runs a deficit of $1.8 trillion for FY 2022 and continues to run trillion-dollar deficits yearly over the next decade.​

​

looks at calendar…

 

[hislegacy]

Now look at his latest monstrosity..

Biden Unveils $6.8 Trillion Budget With New Tax Revenue—Here’s What To Know

Republicans have vowed to drastically reduce spending in their version of the fiscal year 2024 budget that will be released in the coming months.

www.forbes.com

President Joe Biden proposed new taxes on the wealthy in order to lower the federal deficit by $3 trillion over the next five years in his 2024 budget plan unveiled Thursday—but the proposal is expected to face a long negotiating process in Congress, where House Republicans have vowed to drastically reduce federal spending.​

The plan also includes Biden’s promised “billionaires tax,” which would establish a minimum 25% rate for the top 0.01% of earners and include taxes on unrealized capital gains (without taxes on those assets, the White House estimates those earners pay about 8%).​

​

Did ya catch that - people are going to be paying taxes on unrealized profits - IOW money they have not received at the time. If you have stocks and it gains year over year - even if you leave the investment without withdrawing any of it - you have to pay taxes on it.

Have a house that gains 100,000 in value over a year -pay taxes on the difference.

How does that make any sense at all?

 

[hislegacy]

Biden's FY 2023 Budget Would Result in $4 Trillion of Gross Revenue Increases

The Biden tax increases in the budget and BBBA would come at the cost of economic growth, harming investment incentives and productive capacity at precisely the wrong time.

taxfoundation.org

This week, Treasury Secretary Janet Yellen will testify before the Senate Finance Committee and the House Ways and Means Committee on President Biden’s Fiscal Year 2023 Budget Proposals. Combined with the tax increases in the Build Back Better Act (BBBA), which the budget assumes becomes law, President Biden would raise revenues by $4 trillion on a gross basis over the next decade. The Biden tax increases in the budget and BBBA would come at the cost of economic growth, harming investment incentives and productive capacity at precisely the wrong time.​

 

[iluvatar5150]

Biden's FY 2023 Budget Would Result in $4 Trillion of Gross Revenue Increases

The Biden tax increases in the budget and BBBA would come at the cost of economic growth, harming investment incentives and productive capacity at precisely the wrong time.

taxfoundation.org

This week, Treasury Secretary Janet Yellen will testify before the Senate Finance Committee and the House Ways and Means Committee on President Biden’s Fiscal Year 2023 Budget Proposals. Combined with the tax increases in the Build Back Better Act (BBBA), which the budget assumes becomes law, President Biden would raise revenues by $4 trillion on a gross basis over the next decade. The Biden tax increases in the budget and BBBA would come at the cost of economic growth, harming investment incentives and productive capacity at precisely the wrong time.​

This is the second budget link you’ve posted from the wrong year and you’re only on post #5.

 

[hislegacy]

From the link:

• Raising the top marginal tax rate on individual income to 39.6 percent and applying an 8 percent surtax on MAGI above $25 million would bring the combined top marginal tax rate on individual income to 57.3 percent, up from 42.9 percent under current law and above the OECD average of 42.6 percent.

That means if you make 25,000,000 you will pay 14,325,000 in Federal tax alone and then states taxes

Example: You live in California

Federal Income tax - 14,325,000
California State Tax - 88,856.16 plus 2,961,705.30

Congrats - because of Joe's tax the rich you now pay 17,286,705 in State and Federal and before capital gains realized and unrealized.

That means seven months of your income goes to the government.

 

[Arcangl86]

Now look at his latest monstrosity..

Biden Unveils $6.8 Trillion Budget With New Tax Revenue—Here’s What To Know

Republicans have vowed to drastically reduce spending in their version of the fiscal year 2024 budget that will be released in the coming months.

www.forbes.com

President Joe Biden proposed new taxes on the wealthy in order to lower the federal deficit by $3 trillion over the next five years in his 2024 budget plan unveiled Thursday—but the proposal is expected to face a long negotiating process in Congress, where House Republicans have vowed to drastically reduce federal spending.​

The plan also includes Biden’s promised “billionaires tax,” which would establish a minimum 25% rate for the top 0.01% of earners and include taxes on unrealized capital gains (without taxes on those assets, the White House estimates those earners pay about 8%).​

​

Did ya catch that - people are going to be paying taxes on unrealized profits - IOW money they have not received at the time. If you have stocks and it gains year over year - even if you leave the investment without withdrawing any of it - you have to pay taxes on it.

Have a house that gains 100,000 in value over a year -pay taxes on the difference.

How does that make any sense at all?

The tax on unrealized capital gains is part of a proposed alternative minimum tax levied on people with a net worth of over $100 million. That's about 10k people in the entire country.

 

[hislegacy]

This is the second budget link you’ve posted from the wrong year and you’re only on post #5.

did you read post #4?

Hmmm?

 

[hislegacy]

The tax on unrealized capital gains is part of a proposed alternative minimum tax levied on people with a net worth of over $100 million. That's about 10k people in the entire country.

Do you support the idea?

 

[Arcangl86]

Do you support the idea?

Yes.

 

[iluvatar5150]

Now look at his latest monstrosity..

Biden Unveils $6.8 Trillion Budget With New Tax Revenue—Here’s What To Know

Republicans have vowed to drastically reduce spending in their version of the fiscal year 2024 budget that will be released in the coming months.

www.forbes.com

President Joe Biden proposed new taxes on the wealthy in order to lower the federal deficit by $3 trillion over the next five years in his 2024 budget plan unveiled Thursday—but the proposal is expected to face a long negotiating process in Congress, where House Republicans have vowed to drastically reduce federal spending.​

The plan also includes Biden’s promised “billionaires tax,” which would establish a minimum 25% rate for the top 0.01% of earners and include taxes on unrealized capital gains (without taxes on those assets, the White House estimates those earners pay about 8%).​

​

Did ya catch that - people are going to be paying taxes on unrealized profits - IOW money they have not received at the time. If you have stocks and it gains year over year - even if you leave the investment without withdrawing any of it - you have to pay taxes on it.

Have a house that gains 100,000 in value over a year -pay taxes on the difference.

How does that make any sense at all?

I don’t know how I feel about this rule, but it only applies to households with net worths over $100 million.

Proposed Minimum Tax on Billionaire Capital Gains Takes Tax Code in Wrong Direction

Biden’s proposal would impose a complicated never been tried before tax, adding new compliance and administrative challenges for an already overburdened IRS while weakening the U.S. economy by raising the tax burden on U.S. saving and entrepreneurship.

taxfoundation.org

 

[iluvatar5150]

did you read post #4?

Hmmm?

Yep, including the part where it says that it lowers the deficit.

 

[Hans Blaster]

From the link:

• Raising the top marginal tax rate on individual income to 39.6 percent and applying an 8 percent surtax on MAGI above $25 million would bring the combined top marginal tax rate on individual income to 57.3 percent, up from 42.9 percent under current law and above the OECD average of 42.6 percent.

That means if you make 25,000,000 you will pay 14,325,000 in Federal tax alone and then states taxes

Example: You live in California

Federal Income tax - 14,325,000
California State Tax - 88,856.16 plus 2,961,705.30

Congrats - because of Joe's tax the rich you now pay 17,286,705 in State and Federal and before capital gains realized and unrealized.

That means seven months of your income goes to the government.

So? Your example would need 3 zeros lopped off the end to get near most tax payers. I will not weep a single tear for the "high tax burden" of the exceedingly high earners.

 

[Bradskii]

Do you support the idea?

If you don't, perhaps you could explain why?

 

[Yeshua HaDerekh]

Now look at his latest monstrosity..

Biden Unveils $6.8 Trillion Budget With New Tax Revenue—Here’s What To Know

Republicans have vowed to drastically reduce spending in their version of the fiscal year 2024 budget that will be released in the coming months.

www.forbes.com

President Joe Biden proposed new taxes on the wealthy in order to lower the federal deficit by $3 trillion over the next five years in his 2024 budget plan unveiled Thursday—but the proposal is expected to face a long negotiating process in Congress, where House Republicans have vowed to drastically reduce federal spending.​

The plan also includes Biden’s promised “billionaires tax,” which would establish a minimum 25% rate for the top 0.01% of earners and include taxes on unrealized capital gains (without taxes on those assets, the White House estimates those earners pay about 8%).​

​

Did ya catch that - people are going to be paying taxes on unrealized profits - IOW money they have not received at the time. If you have stocks and it gains year over year - even if you leave the investment without withdrawing any of it - you have to pay taxes on it.

Have a house that gains 100,000 in value over a year -pay taxes on the difference.

How does that make any sense at all?

Lower it by 3 but add 6...new math! He is insane...2024 can't come quickly enough...

 

[Yeshua HaDerekh]

So? Your example would need 3 zeros lopped off the end to get near most tax payers. I will not weep a single tear for the "high tax burden" of the exceedingly high earners.

Do you think the ultra rich are stupid? They will move their buisnesses off shore or they will find tax shelters for their money. IF they have to pay, we ALL pay...this cost of doing buisness WILL increase prices on everyone...

 

[Arcangl86]

Lower it by 3 but add 6...new math! He is insane...2024 can't come quickly enough...

The budget adds new taxes which will bring in revenue that will lower deficits. Nothing wild there.

 

[Hans Blaster]

Do you think the ultra rich are stupid? They will move their buisnesses off shore or they will find tax shelters for their money.

The example sure looks like someone with a $25 M salary, not some sort of business owner. CEOs, movie stars, superlawyers, and sports stars cant exactly "off shore" themselves. As for companies, personal income tax isn't applied to them -- corporate tax is.

IF they have to pay, we ALL pay...this cost of doing buisness WILL increase prices on everyone...

How does some movie star or CEO paying higher taxes increase my prices one cent?

 

[Yeshua HaDerekh]

The example sure looks like someone with a $25 M salary, not some sort of business owner. CEOs, movie stars, superlawyers, and sports stars cant exactly "off shore" themselves. As for companies, personal income tax isn't applied to them -- corporate tax is.

How does some movie star or CEO paying higher taxes increase my prices one cent?

Yeah they can and will! Ask Johnny Depp...Ozzy is moving back to England, etc. You really are naive...he wants to raise corporate tax rate too, from 21% to 28%...that WILL raise prices on goods...meaning you and I will be taxed too by having to pay higher prices.