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Biden Embraces G20-Proposed 2% Wealth Tax To Battle 'Racial Wealth Inequality'
Posted on 4/29/24 at 7:21 pm
Posted on 4/29/24 at 7:21 pm
Link to article…
In our new socialist age, the demand to tax and redistribute income is insatiable. The latest brainstorm arrives in a proposal by four countries in the G-20 group of nations to impose a 2% wealth tax on the world’s billionaires.
“The tax could be designed as a minimum levy equivalent to 2% of the wealth of the super-rich,” write economic ministers of Germany, Spain, Brazil and South Africa in the Guardian. They say the levy would raise about $250 billion a year from some 3,000 billionaires and “would boost social justice and increase trust in the effectiveness of fiscal redistribution.” The countries plan to float this at the next G-20 meeting in June.
Presumably, the plan is to have the G-20 endorse the idea, including President Biden and Treasury Secretary Janet Yellen. Then negotiate a global tax deal that would wait until Democrats control all of the U.S. government to approve it, even if that takes many years.
That’s more or less what Ms. Yellen has done with her global minimum tax on corporations, and the four ministers are candid in saying this is their model. The wealth tax “is a necessary third pillar that complements the negotiations on the taxation of the digital economy and on a minimum corporate tax of 15% for multinationals,” the ministers write.
Ms. Yellen went along with the first two pillars, though as we’ve written they subject American companies to foreign tax raids of the kind the U.S. government has long opposed. An architect of the wealth tax idea is French socialist Gabriel Zucman, who was also behind Ms. Yellen’s global minimum tax. Once a global wealth tax is in place, you can be sure that billionaires won’t be the last target.
In our new socialist age, the demand to tax and redistribute income is insatiable. The latest brainstorm arrives in a proposal by four countries in the G-20 group of nations to impose a 2% wealth tax on the world’s billionaires.
“The tax could be designed as a minimum levy equivalent to 2% of the wealth of the super-rich,” write economic ministers of Germany, Spain, Brazil and South Africa in the Guardian. They say the levy would raise about $250 billion a year from some 3,000 billionaires and “would boost social justice and increase trust in the effectiveness of fiscal redistribution.” The countries plan to float this at the next G-20 meeting in June.
Presumably, the plan is to have the G-20 endorse the idea, including President Biden and Treasury Secretary Janet Yellen. Then negotiate a global tax deal that would wait until Democrats control all of the U.S. government to approve it, even if that takes many years.
That’s more or less what Ms. Yellen has done with her global minimum tax on corporations, and the four ministers are candid in saying this is their model. The wealth tax “is a necessary third pillar that complements the negotiations on the taxation of the digital economy and on a minimum corporate tax of 15% for multinationals,” the ministers write.
Ms. Yellen went along with the first two pillars, though as we’ve written they subject American companies to foreign tax raids of the kind the U.S. government has long opposed. An architect of the wealth tax idea is French socialist Gabriel Zucman, who was also behind Ms. Yellen’s global minimum tax. Once a global wealth tax is in place, you can be sure that billionaires won’t be the last target.
Posted on 4/29/24 at 7:23 pm to Placekicker
St. George says hold my beer
Posted on 4/29/24 at 7:25 pm to Placekicker
A 2% wealth tax on the super rich is a great way to tank everyone’s portfolio.
Do these idiots not understand that billionaire wealth isn’t often liquid?
A 2% wealth tax would cause big downward movement in asset prices as billionaires sell their shares to come up with the money for the tax bill
Do these idiots not understand that billionaire wealth isn’t often liquid?
A 2% wealth tax would cause big downward movement in asset prices as billionaires sell their shares to come up with the money for the tax bill
Posted on 4/29/24 at 7:34 pm to Placekicker
I will compromise with them.
Do a flat tax on all income over 1 million dollars.
Remove all deductions from income tax, no loopholes, straight 10-15% tax on business income and personal income. No deduction to income for losses.
You tax shouldn’t be higher than what one should tithe to God or other charitable organizations.
Do a flat tax on all income over 1 million dollars.
Remove all deductions from income tax, no loopholes, straight 10-15% tax on business income and personal income. No deduction to income for losses.
You tax shouldn’t be higher than what one should tithe to God or other charitable organizations.
Posted on 4/29/24 at 7:40 pm to Placekicker
Amazes me how governments (and their apparatchiks) believe they are entitled to the property of others.
Posted on 4/29/24 at 7:43 pm to Placekicker
Do people really think billionaires are Scrooge mcduck with the billions in a vault somewhere? It’s all invested in things we use everyday. They basically want to transfer wealth from productive activities to waste of space bureaucrats.
Posted on 4/29/24 at 7:45 pm to Placekicker
If taxes actually solved shite it would be worth it but in practice it just fricks the middle class
Posted on 4/29/24 at 7:47 pm to USAFTiger42
Has Biden ever seen a tax he didn’t support?
Posted on 4/29/24 at 7:48 pm to Placekicker
Racial Wealth Inequality
Say hello to Hate Speech, Assault Weapon & Gender Affirming Care.
Things which aren't real.
Say hello to Hate Speech, Assault Weapon & Gender Affirming Care.
Things which aren't real.
Posted on 4/29/24 at 7:51 pm to Placekicker
America First Patriots embrace a complete purge of the DC Uniparty and the Bureaucratic State.
I wonder which initiative would benefit the American people more, 2% wealth tax or a complete purge of the rot, filth and trash destroying the constitutional republic? I wonder?
I wonder which initiative would benefit the American people more, 2% wealth tax or a complete purge of the rot, filth and trash destroying the constitutional republic? I wonder?
Posted on 4/29/24 at 10:39 pm to Placekicker
quote:
Biden Embraces G20-Proposed 2% Wealth Tax To Battle 'Racial Wealth Inequality'
I'm sure that dbag mark cuban is lining up to be the global advocate for this and the first to write and turn over his check via the tiktok.
Posted on 4/29/24 at 10:43 pm to Placekicker
quote:
would boost social justice and increase trust in the effectiveness of fiscal redistribution.
Communism.
Posted on 4/29/24 at 11:22 pm to Placekicker
The government makes Mike Tyson and 50 cent look fiscally responsible. it's like that dude who wins the lottery and you just KNOW it's all gonna be gone in 10 years. Only thing that's different is the government runs the lottery.
it's inevitable that they destroy all bastions of private wealth to throw at an insatiable monster that they created. sucks fo sho
it's inevitable that they destroy all bastions of private wealth to throw at an insatiable monster that they created. sucks fo sho
Posted on 4/29/24 at 11:25 pm to Placekicker
How stupid do you have to be to be one of the few who actually voted for that idiot
Posted on 4/29/24 at 11:28 pm to HailHailtoMichigan!
quote:
A 2% wealth tax on the super rich is a great way to tank everyone’s portfolio.
Do these idiots not understand that billionaire wealth isn’t often liquid?
A 2% wealth tax would cause big downward movement in asset prices as billionaires sell their shares to come up with the money for the tax bill
Oh they know.
Posted on 4/29/24 at 11:40 pm to Placekicker
Unconstitutional. The Feds cannot tax wealth without an amendment.
Posted on 4/29/24 at 11:42 pm to HailHailtoMichigan!
quote:
A 2% wealth tax would cause big downward movement in asset prices as billionaires sell their shares to come up with the money for the tax bill
How would they enforce this? Who is going to value closely held entities? The IRS will get smoked every step of the way.
As my mentor told me before my first tax trial: “don’t worry. If they were a good attorney…they wouldn’t still be at the IRS”
Posted on 4/30/24 at 12:00 am to Placekicker
looks like a wealth transfer to those who Didn't Earn It.
Posted on 4/30/24 at 12:19 am to HailHailtoMichigan!
quote:
A 2% wealth tax on the super rich is a great way to tank everyone’s portfolio.
Do these idiots not understand that billionaire wealth isn’t often liquid?
A 2% wealth tax would cause big downward movement in asset prices as billionaires sell their shares to come up with the money for the tax bill
But no more mean tweets. You should be thrilled.
Posted on 4/30/24 at 4:34 am to Placekicker
The govt needs more of your money to throw away.
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