[Levin]

October 25, 2021
1:50 PM +08
Last Updated 3 hours ago

By Jarrett Renshaw


Oct 25 (Reuters) - U.S. Democrats are expected to unveil a tax plan on Monday that would seek to raise hundreds of billions of dollars from the country's roughly 700 billionaires to help pay for expanding the social safety net and tackling climate change.

Democrats were forced to shift to the unorthodox plan in the face of opposition from one of their own senators, Kyrsten Sinema, to raising the corporate tax rate and the top personal income tax rate to pay for the hefty spending plan

......

Currently, rich Americans do not have to pay taxes on their accumulations of wealth, such as real estate, stocks and artwork, because they are taxed only when an asset is sold.

Under the “Billionaire Income Tax” proposal, the federal government would require billionaires to pay taxes on the increased value of assets such as stocks on an annual basis, regardless of whether they sell those assets.

They could also take deductions for any annual loss in value of those assets.

......

U.S. Treasury Secretary Janet Yellen on Sunday rejected calling the measure a "wealth tax."

"It's not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals," Yellen said during an interview on CNN.



https://www.reuters.com/world/us/with-co...021-10-25/

[RiseofAsia]

If they have enforced it and done it earlier.
They wont be a need for  massive $$$ printing...
It is only wayang...

[Levin]

If they have enforced it and done it earlier.
They wont be a need for  massive $$$ printing...
It is only wayang...

They'll still need to print. Just for the US subprime crisis back in the late 2000s, they printed 4+ trillion USD. Taxing the billionaires to get billions will not fill that hole. My preference was that they sell some assets instead of massive printing.

[starbugs]

The US Federal Debt is almost US$29 trillion. Even if each of the 700 billionaires contribute $1b in tax, this will only raise $0.7 trillion. The US debt level is just so mind-blowing if put into context.

[Sticw]

The billionaire will just go around buying loss making co to turn them around. Each time the net the books they pay not tax for that year. Then just keep rolling it until they die. Still tax free and richer along the way.

[debono]

The billionaire will just go around buying loss making co to turn them around. Each time the net the books they pay not tax for that year. Then just keep rolling it until they die. Still tax free and richer along the way.

I get what you are driving at, there is indeed a loophole for the ultra rich in USA......

[Blin]

learned from CCP?.

[Levin]

learned from CCP?.

I think is a worldwide thing. A lot of countries thinking about the same thing. Same with the social media issues which many countries are looking into.

[debono]

I think is a worldwide thing. A lot of countries thinking about the same thing. Same with the social media issues which many countries are looking into.

There are many multi billionaires in USA, therefore they must be made to pay high corporate taxes...but these billionaires had found a loophole in the tax system in US, and had engaged in cheating the govt. of USA.....

[Niubee]

There is No need for billionaire in this world. Just reset their asset after some amount. Or force them to open new industry or something..

[Levin]

I find Yellen's interpretation of the tax to be quite funny.


U.S. Treasury Secretary Janet Yellen on Sunday rejected calling the measure a "wealth tax."

"It's not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals," Yellen said during an interview on CNN.