Biden’s New Billionaire Tax Is Not Going As Expected

No one in the United States likes billionaires. There’s no enthusiastic acceptance of them. They are not trusted by anybody. Few of us would even offer them a life preserver if they were drowning.
 

However, the desire to be one is shared by each and every one of us.

While most people believe that billionaires need to pay their “fair share” in taxes, it’s difficult to determine what constitutes a “fair share” when they are paying 40 percent of the revenue gained from individuals already.

Even if that is the case, none of these folks became rich paying their “fair share” of anything. Indeed, one of the keys to wealth in America is to keep as much of your earnings out of the hands of the taxman as possible.

It’s a horrible system that was created by the rich to benefit the wealthy. So why should you fight Biden’s proposal for a new tax on billionaires in the 2023 budget?

Biden’s plan to tax the super-rich a few extra dollars will not reduce the deficit. If there’s one thing we’ve learned about increasing taxes, it’s that revenue expectations are frequently less than expected. Somehow, in this battle between the taxman and the rich guy’s accountant, the accountant always seems to win.

“Manchin, a centrist Democrat from West Virginia, said he opposes the president’s plan to tax unrealized gains of billionaires, which would establish a new paradigm by taxing the value an asset accumulates in theory rather than in practice before being sold and converted into cash.”

Manchin may come off old-fashioned when he states that money is something you can touch, not something that appears as pixels on a screen.

“You can’t tax something that wasn’t earned. We’re based on earned income,” he explained to The Hill. “There are other ways to accomplish it. Every taxpayer must fulfill his or her responsibility.”

” “Sure,” he said. “ ,,,,,,,,,,” “Although we all have to pay our fair share, that is for sure. But unrealized gains is not the right way to go as far as I’m concerned,” he continued.

There are a number of landmines in Joe Biden’s plan that Machin does not care for, but the fundamental question of fairness stands. If you’re going to tax someone’s assets, it should be based on their real worth, which can only be determined after another person decides how much they’re prepared to pay for it.

Author: Steven Sinclaire