All 28000!
But why is it a surprise and disaster for her then? Shouldnât this be known?
The knock-on effect wouldnât just affect the high net worth individuals.
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Trump blew up the deficit and gave huge tax cuts to the wealthy. The country lost millions of jobs during his Presidency too.
He does not have a good economic record. He canât manage his own affairs, as his multiple bankruptcies, lawsuits, and not paying his bills over the years amply shows.
He should not be entrusted to manage the economy. He already failed at that job.
Harris is a serious politician with serious plans to tackle serious issues. She is probably going to win the election, so we should expect opposition from the media, in particular the billionaire owned segment.
Onwards and upwards.
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This is always the argument against actually doing things to tax the extraordinary wealth accumulated in the hands of an increasingly tiny minority.
The fear that those people will suddenly stop opening businesses, or will shut down their businesses because they may have to contribute a tiny fraction of their infinite wealth glitch to the public good.
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Itâs also not true, I believe? Kind of runs counter to everything that history has told us.
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Yes its fear mongering pedelled, strangely enough, by those same infinitely wealthy people.
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And ideologues masquerading as economists.
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Assets over $100m is what is being reported.
The idea some normal working guy is going to have a good year in the stock market and then have to sell his long held NVIDA shares to fund the tax he now owes on it is obviously nonsense and says a lot about people who think this is what such a policy would require.
What the proposed policy requires is not a tax on all unrealized capital gains, but a minimum tax on high net worth individuals of 20% that includes the unrealized capital gains they made that tax year. This is being done to address the increasingly common tactic of wealthy people reducing their tax burden by taking compensation in the form of untaxable stock, and often then borrowing against that equity to provide spending money. So someone with a package of 5 million in basic salary and 10m in stock will be required to pay a minimum tax of 20% on the combined 15 million rather than the current 35% (I think) of the common taxable income (3m vs 1.75).
The fact that one of the biggest complaints is that this is a burdensome approach for the IRS to applyâŚfrom people who have fought against and cried about actually funding the IRS (something that pays for itself many times over) is a big tell
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Regarding this topic;
Income inequality in the US is comparable to other similar economies before tax.
US tax system is unequal.
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There are actually two competing proposals right now, one from the Senate and one that has come out of the House that the Biden admin was behind. This is a decent piece on it, comparing the different approaches and rebutting lots of the common concerns about them
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Kinda like the knock-on effect of trickle down economic theory? That worked well.
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The ONLY reason that happened was COVID.
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That is true from what I can tell, the only reason that we ended up with a net loss of jobs was Covid. Although it should be mentioned that he had the lowest number of new jobs added since 2010 the previous year but I agree not all of this can be levelled as his fault.
The deficit increased by at least $100B (where it was $600B in 2016) in every year of his Presidency.
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Deficits only matter when Democrats are in power.
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The simple outlook from people that think taxing unrealized gains is frightening. One of the suggestions here that you should just sell off some of you gains to pay taxes and it wonât effect the ability to buy other businesses? I donât understand that logic for multiple reasons. A few:
- People with this wealth will find other avenues of tax reduction (status quo).
- Purchasing/startups/capital investments on existing companies will decrease as there is now a huge tax expenditures, which lessens the ability (dollar wise) of these individuals to leverage their stocks.
- The government is going to waste this tax how? Or you think all of a sudden wastage will stay at the same level, or magically improve.
- Other large corporations that donât have ultra wealthy investors (instead have many more smaller investors, co-ops, retirement mutual funds) will have the ability to become predatory entities, thereby reducing competition.
So many more reasons.
Start with reducing government waste at a federal level, state level and local level.
Was responding to the loss of jobs. Do you think it was something other than the height of COVID? I quoted too much of the op, edited to make it clearer what I was referring to.
Itâs true on the jobs, but the flip side is he managed the pandemic like a fucking moron and that is partly reflected by how a big a downturn we had. He also cannot have it both ways - he cannot ignore the impacts the pandemic had on aspects of the Biden economy (global inflation in which we fared better than anyone else) while using it as an excuse for issues we experienced under him.
The debt/deficit is different though and increased every year under him even before covid and his tax cuts that were not remotely paid for under analysis contributed a large part to the current situation.
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