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George II

(67,782 posts)

46. That's the way I see it. Plus, the proposal being looked at the most calls for a tax....

Wed Oct 27, 2021, 01:32 PM

Oct 2021

...on "wealth" , i.e., net worth, and then re-taxed on that same "wealth" the next year, too.

So let's say someone has $2B (I wish it were me!), that person gets taxed X-% on that $2B. If that person does nothing, no change in that $2B, it's still taxed the next year by X-%. So the same dormant assets get taxed over and over again.

A more sensible thing to do is what we already have in place - income tax. Let's get rid of all the loopholes that lets the rich hide or declare exemptions for most of their income.

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Manchin denounces the Democrats' plan to tax billionaires as divisive. [View all] BumRushDaShow Oct 2021 OP

Yes, let's not alienate the billionaries. mzmolly Oct 2021 #1

How much is being paid to block any progressive legislation by the Republican plutocrats? olegramps Oct 2021 #54

+1... myohmy2 Oct 2021 #62

He's suggesting I'm just like a billionaire? Bobstandard Oct 2021 #2

Oh ffs, is he never satisfied. badhair77 Oct 2021 #3

Interesting how we call them billionaires instead of oligarchs... bluewater Oct 2021 #4

+1 jalan48 Oct 2021 #9

Poor babies. rickyhall Oct 2021 #5

Jeezus H. Something that helps the people, the country and the planet is being called divisive by Evolve Dammit Oct 2021 #6

I am so sick of crybaby rich pricks! BlueJac Oct 2021 #7

Lawrence O'Donnell flat out predicted this last night!! Jon King Oct 2021 #8

I guess we'll have to take what we can get, ya know, something is better than nothing Fiendish Thingy Oct 2021 #10

So, Little By Little He Is Going To Remove Everything From THe Bill Me. Oct 2021 #11

And then, at the last moment Bettie Oct 2021 #22

Taxing billionaires is wildly popular. He's not even trying to pretend anymore. So out of touch he onecaliberal Oct 2021 #12

So is the Republicans' refusal to raise the minimum wage Mr. Ected Oct 2021 #13

The rotating villains plan seems to be working for the donor class. aocommunalpunch Oct 2021 #14

It was my understanding that the framework to pay for the plan was agreed to Bev54 Oct 2021 #15

Well there goes that plan. Now who's gonna stop the proposed corporate tax increase? n/t PoliticAverse Oct 2021 #16

You heard right. Manchin spoke to Reporters answering their questions. True Blue American Oct 2021 #17

Well then he should be talking to Sinema -- She's the one who won't raise the vsrazdem Oct 2021 #18

The abuse of the tax code Casady1 Oct 2021 #19

This freakin' guy... SKKY Oct 2021 #20

& well, I think he's still on board for the laughable corporate tax increase, such a brave soul he yaesu Oct 2021 #21

divisive: 333,999,300 for - 700 against out of 334,000,000 rurallib Oct 2021 #23

Why is kacekwl Oct 2021 #24

I think the title is overwrought. "Denounces" isn't what I heard. nt pnwmom Oct 2021 #25

So much for getting what we can get. Give an inch, then another, and another, another ... another. KPN Oct 2021 #26

Two points on this: George II Oct 2021 #27

What has changed is that many more people are millionaires these days, especially in states pnwmom Oct 2021 #32

There were 10.8 millionaire households in 2016, there are 12.0 in 2020. I think it's more a factor.. George II Oct 2021 #33

Where did you get that figure? I've seen numbers like that that excluded primary residences, pnwmom Oct 2021 #37

Here's the data... George II Oct 2021 #41

Right, it excludes primary residences. But most ordinary people who own million dollar homes -- pnwmom Oct 2021 #44

Isn't owning a house that has appreciated also an "unrealized capital gain" ? MichMan Oct 2021 #39

That's the way I see it. Plus, the proposal being looked at the most calls for a tax.... George II Oct 2021 #46

The NYT spinning shit again pecosbob Oct 2021 #28

Well that didn't take long....who would have thunk.... turbinetree Oct 2021 #29

Divisive? Harker Oct 2021 #30

A continuing asshole Traildogbob Oct 2021 #31

Divisive? IL Dem Oct 2021 #34

Since when ... rustysgurl Oct 2021 #35

Sniff! Sniff! The billionaires won't be able to afford another Yacht and Lamborghini! twin_ghost Oct 2021 #36

In terms of "trashing" re: the TOS, does he still qualify as a Democrat? Orrex Oct 2021 #38

only in terms of keeping our majority in the Senate LymphocyteLover Oct 2021 #43

Clearly not MichMan Oct 2021 #45

Well... Orrex Oct 2021 #55

LOL. Back to the old "job creators" canard. PSPS Oct 2021 #40

Head. Meet. Desk. LymphocyteLover Oct 2021 #42

I love Borowitz Archetypist Oct 2021 #47

The quote should be "row together," not "grow." hay rick Oct 2021 #48

re: "assets can be borrowed off to live virtually income tax free" thesquanderer Oct 2021 #49

He needs to be dealt with. hamsterjill Oct 2021 #50

Work requirements for tax breaks squidboy6 Oct 2021 #51

This tax doesn't make sense to me. Steelrolled Oct 2021 #52

The argument has been BumRushDaShow Oct 2021 #58

I don't care about what scheme is used for the taxing. Steelrolled Oct 2021 #60

One of the things that has been bandied about for years BumRushDaShow Oct 2021 #61

Yes agreed. Steelrolled Oct 2021 #63

He thinks the 0.001% of the 1% is not already 'divided' from the 99.999%? Justice matters. Oct 2021 #53

Realistically we need to pass a constitutional amendment... manicdem Oct 2021 #56

Bullshit! Manchin's opposition to the proposal is divisive. Martin68 Oct 2021 #57

Manchin is an obstructionist. hamsterjill Oct 2021 #59

Primary him out. truthisfreedom Oct 2021 #65

Joe "No Billionaire Left Behind" Manchin. oasis Oct 2021 #64

I am totally against taxing people on a paper rise of stocks no matter how rich they are. marie999 Oct 2021 #66