[retiredguy123]

I'm sure glad that I am not a billionaire.

[retiredguy123]

So, half of the people pay zero income tax, but they get to tell the other half to pay more tax and to spend even more money that will increase the debt.

What a system!

[mtdjed]

And would these comments say that the Billionaire Income Tax proposal "is much ado about Nothing"? Could my math be correct? No cost savings for me as promised. No debt reduction of any significance?

Could the Associated Press and the Daily Sun be wrong? Will the Congress spend hours arguing about this issue instead of solving the debt issue. Why can't the media put things into perspective that makes sense to all of us.

The truth is that if there was a $36,000,000,000 yearly windfall Income Tax gain by picking on 700 billionaires it would simply be absorbed in the rounding.

Another perspective - the FY 2022 budget has a deficit of ~$1.8 trillion ($1,800,000,000,000). Divided by 330 million citizens that would equal about $5,500 deficient spending for each man woman and child. So instead of my wife and I not getting $134 cost savings, our government is planning to spend about $11,000 dollars more than they have for the two of us. This while they say that their expenditures pay for themselves and no added taxes for those making less than $400,000/year. We should demand plain speak from the government and especially from the media. As soon as expenditure exceeds revenue in the budget, the plan is suspect.

[Babubhat]

Originally Posted by guitarguy

Isn’t a tax on unrealized gains really taxing assets? Does anyone consider unrealized gains, regardless how much one earns, real income?

The wizards want tax revenue now to spend. They hate step up basis rules which are seen as a tax dodge. Warren and the usual suspects that know zero about taxation. They will all expire before a penny is collected. The first rule of taxation is don’t pay, don’t pay, don’t pay. Tie them up until they settle.

[TNLAKEPANDA]

It’s a ploy by the Democrats and if it ever passed it would become a “trickle down” tax. If only Congress could pass a Fair Tax plan where everyone pays a Fair % tax on income that would work. There are way too many deductions and loopholes in the crazy tax law.

[Babubhat]

Deductions and loopholes are how campaign donations raised and re-election works. Why things won’t change

[OrangeBlossomBaby]

Originally Posted by Stu from NYC

It is criminal how they lie to us about wanting to reduce this deficit.

I don't know who "they" are, that you refer to. But SOMEONE reduced the deficit from last year to this year. I might not know who did it, but I definitely know who did -not- do it.

[Stu from NYC]

Originally Posted by OrangeBlossomBaby

I don't know who "they" are, that you refer to. But SOMEONE reduced the deficit from last year to this year. I might not know who did it, but I definitely know who did -not- do it.

They is Congress and you think a 1.7 trillion dollar deficit is a step in the right direction?

[Robbb]

Is anyone concerned about the 30 trillion dollar debt we are handing over to our kids? Our parents were know as the greatest generation, we will be know as the worst generation.