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27-10-2021, 08:24 AM
By JOSH BOAK
October 26, 2021 GMT
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This new tax would apply solely to people with at least US$1 billion in assets or $100 million in income for three straight years. These standards mean that just 700 taxpayers would face the additional tax on increases to their wealth
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On tradeable items such as stocks, billionaires would still pay a tax even if they held on to the asset. They would be taxed on any increases in value and take deductions on losses. Under current law, those assets get taxed only when they’re sold.
Billionaires would also face an additional tax on non-tradeable assets such as real estate and business interests once those assets are sold. During the first year of the proposed tax, the billionaires would also owe taxes on any built-in gains that predate the tax.
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the forecasts for revenue from the wealth tax are highly debatable.
“It’s just impossible to implement,” said Allison Schrager, a senior fellow at the conservative Manhattan Institute. “There’s a lot of evidence that these things don’t work, and I’ve never heard an explanation of how this could be workable.”
WHY WOULD BIDEN GO THIS ROUTE?
The president would rather raise corporate tax rates and rates on wealthy individuals. That was his initial proposal, but he’s got to appease West Virginia Sen. Joe Manchin and Arizona Sen. Kyrsten Sinema. Those are the two make-or-break Democratic votes in the evenly split Senate.
Sinema objected to higher rates, which brought the wealth tax into play as an alternative.
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ARE BILLIONAIRES REALLY THAT RICH?
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America’s billionaires have seen their collected wealth surge 70% since the start of the pandemic to over US$5 trillion
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“Right now, billionaires are not paying a dime in taxes on their fabulous income gains from their stock holdings during the pandemic,” said Frank Clemente, executive director of Americans for Tax Fairness.
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CAN BILLIONAIRES ESCAPE TAXATION?
......
They can hire armadas of lawyers, accountants and others to minimize their tax burdens.
https://apnews.com/article/coronavirus-p...05d428079c
October 26, 2021 GMT
......
This new tax would apply solely to people with at least US$1 billion in assets or $100 million in income for three straight years. These standards mean that just 700 taxpayers would face the additional tax on increases to their wealth
......
On tradeable items such as stocks, billionaires would still pay a tax even if they held on to the asset. They would be taxed on any increases in value and take deductions on losses. Under current law, those assets get taxed only when they’re sold.
Billionaires would also face an additional tax on non-tradeable assets such as real estate and business interests once those assets are sold. During the first year of the proposed tax, the billionaires would also owe taxes on any built-in gains that predate the tax.
......
the forecasts for revenue from the wealth tax are highly debatable.
“It’s just impossible to implement,” said Allison Schrager, a senior fellow at the conservative Manhattan Institute. “There’s a lot of evidence that these things don’t work, and I’ve never heard an explanation of how this could be workable.”
WHY WOULD BIDEN GO THIS ROUTE?
The president would rather raise corporate tax rates and rates on wealthy individuals. That was his initial proposal, but he’s got to appease West Virginia Sen. Joe Manchin and Arizona Sen. Kyrsten Sinema. Those are the two make-or-break Democratic votes in the evenly split Senate.
Sinema objected to higher rates, which brought the wealth tax into play as an alternative.
......
ARE BILLIONAIRES REALLY THAT RICH?
......
America’s billionaires have seen their collected wealth surge 70% since the start of the pandemic to over US$5 trillion
......
“Right now, billionaires are not paying a dime in taxes on their fabulous income gains from their stock holdings during the pandemic,” said Frank Clemente, executive director of Americans for Tax Fairness.
......
CAN BILLIONAIRES ESCAPE TAXATION?
......
They can hire armadas of lawyers, accountants and others to minimize their tax burdens.
https://apnews.com/article/coronavirus-p...05d428079c
