Sen. Wyden Unveils Plan to Raise Billions by Taxing 700 Most Ridiculously Wealthy Americans

[babylonsister]

https://www.thedailybeast.com/wyden-unveils-billionaires-income-tax-plan-to-raise-billions-by-taxing-700-most-ridiculously-wealthy-americans?ref=home

Sen. Wyden Unveils Plan to Raise Billions by Taxing 700 Most Ridiculously Wealthy Americans
PAYBACK TIME
Jamie Ross
News Correspondent
Published Oct. 27, 2021 6:55AM ET
Reuters/Isaiah J. Downing

The richest 700 people in the United States are the target of plans for a special new tax on the super-rich that were released by the Senate’s top tax writer early Wednesday morning. Finance Chairman Ron Wyden (D-OR) said his plan would only affect people who have more than $1 billion in assets, or who earn more than $100 million three years in a row. His so-called Billionaires Income Tax would stop America’s richest people from deferring certain taxes—a move the senator claims would raise hundreds of billions of dollars every year. In a statement, Wyden said: “The Billionaires Income Tax would ensure billionaires pay tax every year, just like working Americans... No working person in America thinks it’s right that they pay their taxes and billionaires don’t.” The ridiculously wealthy would be hit with multibillion-dollar tax bills under the plan, including Amazon founder Jeff Bezos and Tesla CEO Elon Musk who has lashed out at the plan.

[Sherman A1]

1. Excellent!

Tax them into the dirt.

[brooklynite]

4. Or, tax them enough to pay for Government programs.

Income redistribution is not a policy of the Biden Administration.

[Sherman A1]

5. It may very well not be part of the Biden Administration Policy

I still would be very happy to see the lot of them on the street corner selling pencils struggling to get by. The bulk of them are nothing but leeches on society in general and their workers in particular.

[PatrickforB]

13. Exactly. There's plenty of money - it is just in too few hands.

[jimfields33]

12. Why not have them all write a check to the treasury today?

Begin volunteerily. It’d be interesting to see who wrote a check.

[Brainfodder]

2. Take 90% and then give the rest of us 1M each.

How much is left over, more than half?

[brooklynite]

3. My wife has worked on this and the minimum corporate tax....

...She thinks the chance for the Billionare's tax may be fading away; the minimum corporate tax is more likely.

[Hortensis]

6. Hope she's not out ahead of the media on this. Morning news still say

it's being considered, if they can work out the details... I want them both. As starters.

[ancianita]

7. After the For The People bill, this is my favorite bill.

[johnthewoodworker]

8. Never happen. The wealthy own this system.

[OldBaldy1701E]

9. 'Fraid so!

And, at the risk of getting a strike, they are on both sides of the aisle. You want something like this to happen, you are going to have to look beyond seeing this as a partisan issue and address the reality that there will be major resistance and it won't come from only one 'side'. (Yes, there are a very few exceptions to this, but those people do not make up for the level of disparity that our current system maintains. One rock may divert the water around it, but it won't change the flow of the river. You need lots and lots of rocks. And when all but a few rocks do not want to change the flow of the river, well...)

[Lovie777]

10. The rich not paying at all or a small portion of the taxes . ...

is causing I believe the inflation. But alas, would they like to see their wealth disappear, no. The working class and poor can only cover so much of the working government, and to my knowledge politicians are still receiving their paychecks from the American paying taxes public which consists of us.

[packman]

11. But-but-but

Does that mean no more space rocket joy rides? Christ, how unfair .

[Pinback]

14. And don't forget "All Americans aspire to wealth,

so stop pickin’ on rich folks!”