Joe Manchin swings at Biden's billionaire tax, saying the superrich can't be taxed on 'things you do

[muriel_volestrangler]

34. That doesn't actually explain about what would be done if stock value went down

She said that they'd have 9 years to make to first payment, and after that 5 years. That is also said here:

Minimum tax on persons with net worth over $100 million. A 20% minimum tax would apply on total income earned or unrealized appreciation. First year tax could be paid over 9 years, thereafter, over 5 years

https://blogs.claconnect.com/agribusiness/here-they-go-again-2/

Now, perhaps that means that, if your stock starts at $1000m, and then increases to $2000m at the end of year 1, but then falls to $1200m by the end of year 2, that you'll be able to say, in year 9, "forget the $1000m gain I made in year 1 - it became just a $200m gain by the end of year 2, so I owe 20% on $200m, ie $40m, for the 2 years". But that's a guess on how it could work, rather than something that's been explained. And I can't quite see what "First year tax could be paid over 9 years, thereafter, over 5 years" means - if you have to have paid year 1's tax by the end of year 9, do you have to have paid year 2's tax by the end of year 6, or 7?