The best way to regain the confidence and support of people who are in financial dire straits is to play Robin Hood. The Biden regime plans to rob from the rich, but that money won’t be given to the poor. Unfortunately, it will be used to pay down the budget deficit that already plagues Washington DC.
The target audience for the upcoming proposal are voters who will not look at the details. All they’ll hear is that Democrats want to charge people like Elon Musk and Jeff Bezos extra despite the fact that in our progressive tax system, the very wealthy already account for a huge chunk of income tax collected. But most low-information voters won’t hear anything other than what corporate media and the White House wants them to hear.
According to NY Post:
Biden’s “Billionaire Minimum Income Tax” proposal would set a 20 percent tax rate floor on Americans worth more than $100 million — hitting not only their stated income, but also their unrealized gains on stock holdings and other forms of wealth.
The plan will be included in the budget proposal that the White House will roll out Monday, the Washington Post reported. Musk attacked a version of the plan in October, when it was being considered as a way to help pay for Biden’s since-abandoned “Build Back Better” social spending bill.
“Eventually, they run out of other people’s money and then they come for you,” the multi-billionaire Tesla CEO and SpaceX founder posted on Twitter last year.
The proposal would cut projected federal deficits by more than $1 trillion over the next decade, according to a fact sheet released Saturday by the White House Budget Office. Biden’s new tax could raise up to $360 billion over 10 years, say the aides who developed it, and would fall on the richest 700 Americans.
It’s not likely to pass, though in today’s bizarro version of America I wouldn’t count out any lunacy from becoming reality. The vast majority of Republicans, perhaps all of them, will oppose the plan while at least some Democrats will likely join them. But here’s the thing. In an election year, the party that is deep trouble is often willing to throw hail marys in hopes of turning the tide. Vulnerable Democrats who might otherwise follow reason and sound economic principles might hop on board for the sake of getting the extra votes.
The New York Times reported:
Senator Elizabeth Warren, Democrat of Massachusetts, and Senator Ron Wyden, Democrat of Oregon and the chairman of the Finance Committee, released separate proposals last year that would tax the wealthiest, albeit in different ways. Ms. Warren had championed the idea of a wealth tax in her unsuccessful presidential campaign. …
Moderate Democrats, including Senator Kyrsten Sinema of Arizona, have balked at raising the corporate tax rate or lifting the top marginal income tax rate to 39.6 percent from 37 percent, leaving the party with few options to raise revenue. Still, Senator Joe Manchin III, Democrat of West Virginia, slammed the idea of taxing billionaires after Mr. Wyden’s proposal to do so was released, although Mr. Manchin has since suggested he could support some type of billionaires’ tax.
Top Biden administration officials have expressed skepticism about wealth taxes in the past. Treasury Secretary Janet L. Yellen said last year that a wealth tax was “something that has very difficult implementation problems.” And Natasha Sarin, the Treasury Department’s counselor for tax policy and implementation, was a co-author of an opinion essay published by The Washington Post in 2019 that argued that a wealth tax would present “a revenue estimation puzzle.”
Let’s hope the Democrats’ desperation doesn’t compel them to make the worst economic decision for America since Obamacare. Well, other than all of the other decisions the Biden regime has made so far.