Billionaires Rage About Biden’s New Tax Proposals
Even billionaires who voted for Biden are furious they’re being singled out “because of how much they have.”
If the billionaires are upset it’s a good sign you’re doing something right.
Exactly. Most policies are in billionaire's favors, since they fund lobbying groups and super pacs. They mostly stay quiet about everything because they’re getting their way behind the scenes. If they’re complaining outright, it’s an absolute win for everyone else
Or, as is often the case with Biden, promising to do something right with the odds of actually going through with it being slim 🤷
Don’t break their bubble, it’s the only thing holding this thing together.
Yeah feels like every weekend he has promised to make Israel cease-fire by Monday since “Genociding with Biden” became a meme and somehow hes never been called out on that huge glaring lie, in fact I am often told to quiet if I bring it up.
Crying billionaires are a sign of society healing.
A healthy society has zero billionaires.
Let’s go further with these taxes.
It's nuts for them to rail against this because when Biden said 25% minimum, I was like, "that's it‽"
I get taxed at 25% already and I'm making $125k.
25% is nowhere near enough. Anyone making over 400k individually should be taxed closer to 50%.
there should be a 100% tax for anyone who has a billion dollars or more.
That level of wealth is not compatible with existing in a society.
I think the biggest problem isn’t the tax rate, but the fact that the billionaire class can circumvent the tax system entirely.
Own billions of dollars in stock, don’t ever sell any, don’t pay any taxes on that growth. Maybe some dividends get taxed or something.
Need pocket money though. Take out a loan for $100 million using a little bit of your stock as collateral. You don’t get taxed on taking out debt.
Taxing the rich is great and all, but it still doesn't solve the issue of gov spending being completely and utterly shit. We spend more on healthcare per individual than any other nation on the planet. We don't even need to tax the rich right now and we could have single payer. The idea that taxing the rich is needed to pay for services and safety nets is silly. We're the wealthiest nation on the planet, we can already afford all of the things our citizens need, we just have a gov who doesn't know how to properly spend the money it already has.
Huh, in Australia you would be taxed 37 percent and anything over $180k is 45%
So I'm sure closer to 50% coulr come down
The US has a similar graduated system (32% for incomes over $192k for single fillers, plus whatever your state income tax is), but billionaires have access to a lot of loopholes that prevent their wealth from being counted that way.
Agreed, but I guess you've got to start somewhere.
Where I'm at it's like anything over 95k is close to 50%. 25? Must be nice.
It is in most places outside the US. But it is still the same problem: regardless how high the official rate is, there are way to many loopholes to avoid paying them. It does not help if the tax rate is 80, 90, or even 99% if they get around paying it altogether.
400k is rich in some areas but certainly not everywhere, that's way too sharp of a curve. Someone making 400k is already taxed at 35% federally plus whatever state and local so probably close to 50. The real issue is that after 500k the rates don't change where it should be increasing logarithmically. But really after a certain point there are way too many things that the rich do to reduce their tax burden that just aren't available to everyone else, that 100k or 400k person is in reality paying a much higher percentage than someone making a million a year much less billionaires.
Don't like it? Fuck you. Your greed is unconscionable and your hoarding of wealth is amoral and disgusting. In conclusion, fuck you.
Yeah, but what if they find the right commercials to throw at us during election time?
Billionaires can suck my dick and fuck right off into the sun. This shit has GOT to fucking stop! 100% tax on anything over $200M, and I am being real generous with that.
Revoke "Citizen United vs FEC" would be step 1
“I don’t agree with the idea of just singling out people because of how much they have or don’t have,”
That's literally how income tax works, you ignorant slut.
The ones being singled out are poor people and the middle class. The rich get preferential rates, deductions that only apply to them, the ability to have armies of accountants and lawyers to limit their liability, and are far less likely to be audited.
It SHOULD be that all income within different brackets should be taxed the same. The rich only pay more because they have more. We all should be taxed 50% on income over $500,000, it’s just that most of us don’t have any income over that.
I wonder if he feels the same about healthcare, housing, food, and clean water. Regardless of how much shit he has, he can live in the same apartment with the same public water and food deserts and a doctor that isn't on his personal staff.
You have to leave incentives for people who are the ones who are going to create the jobs for all those people trying to climb the ladder.
Oh my god, FUCK OFF
b-b-but, nobody will want to do good work if they don't have the extremely weak opportunity to enrich themselves by taking advantage of other's labor!!!
Billionaires: you should tax us more
Also billionaires: nooooo.... Not more taxes!
Maybe not the same billionaires?
Granted, I only skimmed the tweet articles, but I didn't see any names shared between them.
It's almost like one subset of billionaires say one thing and that another subset said another thing.
"You're trying to take away the incentives for people to work hard," [Catsimatidis] said.
The working class is referred to as such for a reason.
He should stop pretending to be one of them.
Let's be real: who would work hard to make ONLY millions instead of billions? Most people would obviously rather stay poor.
Also, said billionaire should stop gaslighting everyone. Most people I know will try to find better work if their basic needs are fulfilled. Nobody except a billionaire wants hand outs.
Nobody except a billionaire wants hand outs.
...and gets them, usually on demand.
Biden claimed in his State of the Union address that the 25 percent minimum tax on the ultra-rich will raise $500 billion over 10 years. “Imagine what that could do for America,” he said.
Maybe I'm not good at comprehending numbers at this scale but does this seem kind of low to anyone else? I mean, that's a lot of money in absolute terms but the government spent $6.3 trillion in FY 2023 alone.
We should still do it obviously. Don't let perfect be the enemy of good and all that.
No, it sounds correct. Taxing billionaires' income is fine, but the real money would come from actually taxing corporations more.
See, they only have income in certain circumstances, so the amount raised from an income tax would not be very high. You can raise corporate taxes by a little bit and get much more.
That way the income is taxed before it gets to anyone. It doesn't matter if they have a billion dollars. Plus it encourages investment in the company (wages, new products, better quality, etc.) because business costs are tax write-offs.
I’m surprised it’s that high. The reason their effective rate goes down, is getting money by ways that are either special cases in the tax code or aren’t “income”. Until you fix those, wealthy people will still have the lowest tax rate.
…although apparently the tax rate for long term capital gains is already 20% for the wealthy. I didn’t know that
$500 billion is a sizable chunk of that $6.3 trillion, and it's still only a 25% tax rate, and then only the "ultra-rich."
If one considers something more reasonable, like a 70% tax of income over $100,000, then you're talking about more substantial amounts to really start catching up to top economies.
500 billion over 10 years is not a sizeable chunk of a single year total.
They spend more than that a year on "defense".
Boohoo
Thoughts and prayers
Billionaires should not exist. Honestly, I'd expropriate them.
To the moon!
Apparently it's not just Billionaires who hate this, but also Russian trolls pretending to be leftists. Who would have guessed the two would be allied?!
???
Did you expect an addict to thank you when you take away their drug cold turkey? Billionairism is a mental disorder, like addiction, and it should be handled with the same care. The kind of care that only billionairs can afford in the US, I must add.
Music to my ears? Oh wait, he could lose the billionaire vote. Like all 100 of them.
Problem isn't the billionaire vote, but rather the billionaire dark money being funneled to the other guy instead. Which I'm sure they're all doing anyway, but they could decide to do it more. Which makes it ever more important for grassroots efforts to get the vote out so that we can eat the rich in spite of their efforts to dodge our hungry maws.
Why would you take away these creations from them??? /s
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lol. A fucking support yacht. Holy shit.
Obviously you only temporarily need a support yacht. Any day now you'll have your mega yacht with helipad, smaller yacht garage, swimming pool, etc.
If it hurts you, it's the right thing. Cry some, leeches.
Good. Rage until you hurt yourself you undeveloped children.
please don't hurt the children.
Wah wah wah just get into your fkn submarine, we double-checked the bulkhead for you 🫡
I don't really understand why they're upset, or how it will raise that much revenue. As the article points out, most billionaires don't get their billions from income, they get it from investments. For instance, Jeff Bezos' salary is like $80k, and then he gets other compensation that puts him at like $1.7M. if you put him in a much higher tax bracket, he shouldn't even care - would hardly notice - because he's worth $194B. To put that in perspective, if he earns just 5% a year in growth on that, it's almost $10B. His compensation is like 0.02% of what he's likely to make on investments, if that.
It's also worth mentioning that most billionaires can't really spend much of the billions. If Bezos tried to cash out much of his Amazon stock, the price would plummet and he'd be worth a lot less. What those guys do is take out loans with the stock as collateral and live off of that. Of course, Bezos himself is at a level of wealth where he can cash out a small percentage and it's still enormous. I think last year he cashed out like $2B worth, which is a giant amount of money, but only 1% of his net worth.
Wealth Tax. That is what we desperately need.
Maybe so, but Biden was just talking about the income tax rate.
The problem with a wealth tax is that it seems like it would be hard to do. If I buy a painting for $1M, do I get taxed on that amount regardless of its value even if it's worth ten times that? Do I have to get it appraised? If so, just once or every year because the value can fluctuate? If I buy a rare classic car that's rusted out, and I restore it, how is the value calculated? Now imagine I have a giant art collection and a giant car collection. It just doesn't seem workable.
Biden went over this. A 25% AMT, which doesn't care what your type of revenue is, you're paying at least 25%.
😭🤌🎻🎶🎵
"Won't you please stop and think of the billionaires?"
"For just $5,479,452.05 a day, you can support a multibillionaire who needs you TODAY."
🎶🎶 "We are the world... we are old white men... We are the ones that have yachts that need second yachts to land helicopters on... so you start giving us your change... If you don't, we'll fucking find a way to kill you." 🎶🎶
Well they got rich taking advantage of the poor. That’s the only way you become a billionaire. I feel nothing towards them.
why do i suddenly have the impression this tax aint coming to pass?
Because Democrats are neoliberal conservatives who don't care about the average person. The only reason Democrats are so obviously preferable to Republicans is that Republicans are fucking insane.
Billionaires: "I DO think we should be taxed more."
puts money into lobbying against tax increases
Billionaires: You want to prey upon the rest of us unilaterally? That fine. Just stay on your little island, announce it as a sovereign nation, pay to defend it, and good luck! That's what happens when you contribute nothing to society yourself...
Considering the billionaires also own the contracts for manufacturing every piece of military equipment we have... That would get interesting.
United States government takes control of those manufacturing facilities?
Good. Fuck em.
This is ragebait content from democrats. 25 percent minimum income tax on anyone worth at least $100 million is still grossly unfair. 50 billion in a year is a pittance for the owning class. Removing loopholes and including expenditure as a factor is needed to fix income tax.
It's a bit better than the 8% they currently pay. Some of them pay nothing. I think we should go back to the Eisenhower era 90% marginal rates, but baby steps, I guess?
This is the right approach.
State of the Union Tax Proposals
Oh, so it's about the vague promises he made in a speech, not actual policy? Excuse me if I don't rush to celebrate how marvelously progressive he's being just yet 🥱
Billionaires: Cry more. Yours is the machine we rage against.
Archive link for those that don’t have access.
This is never getting implemented and is just theatre for the masses.
They (billionaires) should not exist, full stop. If they were actually taxed the way we used to in this country, we wouldn't have these security threats.
Good, fuck em
They must be good then.
What there should be is an assests controled cap, no person should have control over more than 1 billion in assets.
Let them eat cake!
Let them eat shit!
Billionaire tears taste like a fine Châteauneuf-du-Pape.
Biden was cooking with this one. It should be even higher that wealth is stolen.
In my dreams, we have a flat tax of 30% over all income beyond 40k per year.
And wouldn’t it be neat if, on the tax return form, there was question:
Where would you like your tax dollars to go: • education • military • foreign aid • welfare programs • don’t care, equally distributed
To some degree taxes need to be tied to cost of living. Someone making $70k in rural Texas vs NYC is going to have a very different cost of living and quality of life.
Flat tax is nice in theory, but it's horribly regressive. 30% would be a nice reduction in taxes for anyone making $230k + or so, while a dramatic increase for anyone under 90k
The trick is what to tax when the ultra wealthy base most of their worth on stock.
Yah I don't remember the exact steps, but it involves getting loans with the stocks as collateral to avoid showing an income
This only would help if they would actually pay taxes at all.
For any who things the US ha a progressive tax system. It is ever so carefully regressive.
With no due respect to these whiny fucking billionaires, good and go fuck yourselves for being petulant children.
“My kids, who are 10, 12 and 14, you could tell them, ‘You know what, when you retire you’re gonna get money at 70, not 65.’” he said. “Do you think they’re gonna care?”
A few verses the masses. They can suck it up, pull themselves up by their bootstraps, etc.