America's Ultra-Rich Fear Biden Will Close Their Favorite Tax Loopholes

[Yo_Mama_Been_Loggin]

(Bloomberg) -- The rich shouldn’t be too afraid of Joe Biden’s tax plans. It’s the really rich who should be getting nervous.

The U.S. president is set to unveil a tax package on Wednesday that promises to raise revenues from those earning $400,000 or more a year. But executives and professionals making over $500,000 annually already pay relatively high tax rates.

What has potentially far greater ramifications is that Biden and Democrats in Congress are threatening to target a much wealthier group — the growing number of Americans with fortunes starting in the tens of millions of dollars — who often pay lower tax rates than many middle-class families.

Biden, along with Bernie Sanders and other members of Congress, have floated plans to end a long list of sometimes-obscure deductions, exclusions and loopholes that are favorites of the 0.1%. If some of this passes, it will transform how the very wealthy manage their portfolios and pass on their assets to future generations.

https://www.msn.com/en-us/money/markets/america-s-ultra-rich-fear-biden-will-close-their-favorite-tax-loopholes/ar-BB1g6nJm

Biden can't do anything without congress but I agree with the rest of the article.

[newdayneeded]

1. The rich

Yes, because they go from mega mega triple rich, to mega mega double rich!

I've never understood how talk radio convinced trailer house dwellers to vote for the interests of people who have millions in their bank accounts.

[SoonerPride]

2. I think it is racism.

They are convinced since the rich person is white they have more in common with them than the person of color who lives next door or works the same job standing next to them all day long.

[gratuitous]

3. A nation of temporarily-embarrassed millionaires

Those folks think they're just one lottery ticket away from joining the Rockefellers and Kardashians, and they quite sure they're about to have untold riches at their command, and they don't want to be giving any of their hard-earned* away to a bunch of lazy, shiftless welfare mooches (if you know who I mean).

*Buying lottery tickets is TOO hard work!

[Coventina]

4. Good. Rich people should be scared.

[-misanthroptimist]

5. They aren't utra-rich; they are money addicts.

They require a constant supply of money to self-medicate. There's no rational reason to hold onto that much wealth. None whatsoever.

[SWBTATTReg]

6. I'm not to cry a single tear for these people. They knew all along that their taxes were pretty low

for the longest time. Isn't it time for them to step up and pay their larger and fair share, after having enjoyed so much wealth accumulation over the years (and the rest of us have actually shrink down in proportion compared to other classes of society in the wealth accumulation game)?