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Thread starter
Aug 13, 2020

Who do leftists consider rich when they obsess about raising taxes? The Tax Policy Center says about 10% of U.S. households have incomes over $200,000. The top fifth of them pay 69% of all federal taxes. If "the rich" already pays more than their fair share, why does the left always demand that they must pay more? This is the paradigmatic liberal axiom: "It is time that we punish the rich."

Biden's 2023 fiscal budget re-proposes all of the bad ideas that Congress won't pass and adds a new twist – "the coveted liberal wealth tax."

"All we are doing is equalizing the playing field, making sure the rich will pay their fair share." – Joe Biden

The left calls this a “billionaire tax,” which is the standard progressive narrative. But billionaires are not the only ones punished. It applies to income and "increased annual value of assets." This taxes "unrealized capital gains," which are not taxed until assets are converted to income. In other words, Elizabeth Warren and Bernie Sanders will be getting the wealth tax they have been begging for.

In simple terms, this means that hundreds of successful entrepreneurs and small business owners, who accumulated wealth over decades through innovation and hard work, will be punished for their success. Any tax that the left proposes always "applies to a few," and spreads to millions overnight.

There is another fly in the ointment in Biden's tax scheme; it is illegal! The Constitution states that Congress may only impose “direct taxes.” Although the 16th Amendment established an income tax, unrealized capital gains are not income. In other words, Biden is taxing "anticipated income?"

Biden's tax increases would generate over $1 trillion, which is on top of his $2.3 trillion jobs and infrastructure plan that many Americans are now rejecting due to rising prices and inflation. This will likely mean that Democrats will be forced to push this through Congress using reconciliation.

York added, in the states and cities that assess their own capital gains levy, Biden's plan would push the total capital gains rate to over 50%. The rate would rise to 56.7% in California, 58.2% in New York City and 57.3% in Portland, Oregon. He said investors will take their capital elsewhere.
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