Biden to unveil new tax plan for billionaires

According to the White House, it's part of Biden's budget proposal for the upcoming fiscal year.

[CxDubxU]

we could all be taxed at a 100% rate and the country would still be at a deficit. the problem isn't not enough tax dollars, the problem is spending more tax dollars than what is coming in to begin with. how about we make a law that says the government can't spend more than 90% of what it makes in tax revenue?

[tmilesffl]

A flat tax rate with no deductions would be a great start. Then move to eliminate waste in government. We could actually see the deficit get reduced.

[twoweeledsoto]

Unrealized gains are NOT income. Ask Congress, Senate and the president to pay tax on unrealized gains and see the reaction. 🤣They WILL NOT do it.

[a.j.foster]

This is exactly the way Roosevelt got the Income Tax started and we can. see where it is now. Before we depended on taxes on manufacturing certain things and duty on imports. Democrats wants free imports and taxes our people. Am I the only one who see a problem of allowing importing foreign products to close our major manufacturing factories? How would you live next month if China stopped importing to us? We are making them rich and out manufacturing process for our own use is non existent.

[Saltcracker]

Regular people pay a lot more than 20% in taxes

[mason]

Most ultra-rich people don't have an "income" that's the problem, this is just virtue signaling. They funnel their wealth through corporations and everything they "own" is actually owned by the company, even their cars and houses. The income they get is mainly dividends from their stocks which if they invest back into their company is tax-exempt.

[lyndawilson]

It's about time someone makes them pay, it's a start!