President Biden unveils new income tax on millionaires

President Joe Biden unveiled a "new minimum income tax for billionaires" on Monday. The plan is part of President Biden's budget proposal for the fiscal year 2023. The billionaire minimum income tax would require households with more than $100 million to pay a rate of at least 20-percent on their full income.

[squanchy]

Can’t wait to see how they waste the money

[nordicson]

Taxes for all the rich, but not the politicians, lobbyists, his son, his brother.

[Michael-jgwm]

Read the bill, not just the headline. This bill will hit the middle class.

[virginialauderdale]

Say goodbye to what is left of our economy. LGB

[LukeT-]

Unrealized Capitol gains tax is insane.

[carolinaview]

Why don’t we just stop paying taxes and just start printing more money? In fact that roughly $30 trillion debt could be paid off by the end of the week if we just printed $30 trillion dollars worth of money. It’s this simple y’all.

[nankerphelge]

Why is the Government so big, it doesn't have to be. 🤔

[twood]

France tried that. The millionaires left the country so they had to make up for the deficit on the middle class.

[jeffreymcfadden]

Does "THE BIG GUY" have to pay taxes for his "10% cut?"
The world wonders.

[stripelordsteve]

I see the sheep still think that raising taxes will actually get these people to pay, these only apply to people not in these clicks of powerful people. If you want them "to pay fair share" then the 14th amendment is what you should focus on.

[gardener]

I find it amusing why people think success should be punished.

[joeschmeaux]

WTF? Fix the title and text. It's billionaires, not millionaires.

[Misaki]

I'm sure this will go well. As we all know, everyone's a millionaire in the eyes of the government when getting money from the people is concerned.

[xxyyzz]

It’s not a millionaire tax, this is a typo. It’s a billionaire tax, with a ‘b’.

[themediaisnotyourfriend]

Not gonna happened.
He know democrats gonna lose in the mid terms. Give the poor people that voted for him some hope so they can vote them back in

14 months of failed policies that's why the world is in this mess an look at America he caused the recession oops 😬 I mean inflation. Not pose to usecthat word yet. Hate to see what 3 more years look like

[cassandrajordan]

Is his four years up yet ? It would be nice to want to hear what our president has planned for the country instead I'd rather not cause i don't live in La La land and I like to make sense in this world or think before I do or say something whatever the case I'm definitely not a millionaire but that topic or issue must've been one he figured out all on his own like everything else he's put in place

[Dk_Ks]

Skipping billionaires?
Very Convenient!

[denverlilly]

This is a good idea if the money is actually well allocated.

[nonyabiness]

Notice how the lines between billion and million are beginning to blur ALREADY?! Look at the title, then look at the description. Then look at the "plan". Literally dials down from billions to millions in less than 10 minutes of reading. This WILL cause trouble. Mark these words.

[SDdronesandtech]

Income tax is the problem. Pretty easy for a business owner to show a loss at the end of the year and expense living costs to the business which means they wont pay a personal income tax. I do not see how this fixes that. It seems funny to me that even with taxes being increased we are in no way fixing the spending problem. The real problem is that America can barely pay the interest on our National debt! Once countries stop using the US dollar for oil we are going to have to make some hard decisions or inflation will get crazy! I do not have much faith in Biden to make the right choices based on how he has screwed us on energy independence.