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Democrats Have Not Thought This Out

Biden's economic agenda is toast. As it stands, it's 52-48 against it in the Senate, and its going nowhere.

But let's look at the bill itself. The plan from Senate Democrats on Wednesday would tax roughly 700 of the nation's billionaires. Under the "billionaires' income tax," the wealthiest slice of Americans would see the skyrocketing value of their stocks and assets taxed.

Democrats wanted to raise the top individual income tax rate from 37% to 39.6%. Democrats are also proposing a new surtax on millionaires, to be included as a back-up. The proposal would slap a 3% surtax on individual incomes above $5 million.

As a staunch conservative, one of the few liberal ideas that I agree with is taxing the rich, but the Democrats are making a complete mess of all this.

1. The tax raise on the top individual rich from 37% to 39.6% is a joke. Under past Republican presidents from Eisenhower to Reagan, the top tax on the individual rich varied from 70-92%. This is closer to what multibillionaires ought to be paying, and is more like what I would advocate. Love to see Joy Behar, Whoopee Goldberg, Robert DeNiro, Steven Colbert, etc. riding the Democrat tax boosts.

2. Democrat screwup - I, and millions of Americans, don't support ANY tax hike on the rich (not even 1%), because of what the Democrats are doing and what they want to spend this these tax $$$ on. They are bringing MILLIONS of indigent foreigners into the country, with the promise that they will be taken care of by the government. Rent welfare, food stamps, medicaid, electric bills, free phones, free college, you name it.
Uh NO. And for what ? That's simple - so they can win future ELECTIONS, with all these foreigners voting for them.

So, let's get this all focused in one neat little nutshell. The Democrats want to raise taxes on the rich, for the purpose of financing their future political power, by ensuring they win future elections.

They have taken what was a fairly popular idea, and ruined it by linking US $$$ to the support of the world's poor. Stupid.

Tax on Billionaires up in the Air As House and Senate Squabble Over It (businessinsider.com)
 

RickWA

Senator
Democratic proposal to tax the unrealized gains of billionaires is in danger of dying the same day it was proposed.
Taxing “potential gain” is the dumbest idea in governance I’ve seen in quite some time - right up there with de-funding police. It’s almost like these guys WANT to pass the baton.
 

PhilFish

Administrator
Staff member
Biden's economic agenda is toast. As it stands, it's 52-48 against it in the Senate, and its going nowhere.

But let's look at the bill itself. The plan from Senate Democrats on Wednesday would tax roughly 700 of the nation's billionaires. Under the "billionaires' income tax," the wealthiest slice of Americans would see the skyrocketing value of their stocks and assets taxed.

Democrats wanted to raise the top individual income tax rate from 37% to 39.6%. Democrats are also proposing a new surtax on millionaires, to be included as a back-up. The proposal would slap a 3% surtax on individual incomes above $5 million.

As a staunch conservative, one of the few liberal ideas that I agree with is taxing the rich, but the Democrats are making a complete mess of all this.

1. The tax raise on the top individual rich from 37% to 39.6% is a joke. Under past Republican presidents from Eisenhower to Reagan, the top tax on the individual rich varied from 70-92%. This is closer to what multibillionaires ought to be paying, and is more like what I would advocate. Love to see Joy Behar, Whoopee Goldberg, Robert DeNiro, Steven Colbert, etc. riding the Democrat tax boosts.

2. Democrat screwup - I, and millions of Americans, don't support ANY tax hike on the rich (not even 1%), because of what the Democrats are doing and what they want to spend this these tax $$$ on. They are bringing MILLIONS of indigent foreigners into the country, with the promise that they will be taken care of by the government. Rent welfare, food stamps, medicaid, electric bills, free phones, free college, you name it.
Uh NO. And for what ? That's simple - so they can win future ELECTIONS, with all these foreigners voting for them.

So, let's get this all focused in one neat little nutshell. The Democrats want to raise taxes on the rich, for the purpose of financing their future political power, by ensuring they win future elections.

They have taken what was a fairly popular idea, and ruined it by linking US $$$ to the support of the world's poor. Stupid.

Tax on Billionaires up in the Air As House and Senate Squabble Over It (businessinsider.com)

and Manchin is in the middle of it all going... 'hey wait... we need to pay for the social safety items we have already.." blowin it all to hell...
 
and Manchin is in the middle of it all going... 'hey wait... we need to pay for the social safety items we have already.." blowin it all to hell...
Despite being a Democrat in a clearly conservative state, Manchin has got his votes, and doesn't need illegal aliens to get elected. He also knows his constituents don't want illegal aliens coming into their state, and they sure don't want their tax $$$ going to social programs for those folks.
 
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