Joey's "Billionaire" Tax Has Ugly Side

Yah, sure, it's only the "billionaires."

Until it's everybody else, too.

President Joe Biden will announce a new minimum tax targeting billionaires as part of his 2023 fiscal year budget on Monday, according to the White House.

The Biden administration announced the proposal on Saturday in a fact sheet ahead of the budget release, stating that the president’s plan “rewards work, not wealth.”

Propaganda language there.

“President Biden’s Billionaire Minimum Income Tax will make America’s tax code fairer and reduce the deficit by about $360 billion in just the next decade,” the fact sheet stated.

Wanna bet?  Every President (and Congress) since 1990 or so has increased both the deficit and the national debt, which may soon be payable in Yuan, or gold, or sacrificial children.  He lies.

As part of his 2023 budget, Biden is asking Congress to pass legislation mandating the richest American families to pay a minimum of 20 percent on all of their income, including unrealized investment income.

So you bought Apple stock at its IPO for $50.00/share and now it's worth $2500.00/share (whatever).  You never sold any of it; it's just sitting in your retirement account.  Biden🤡 will tax that $2450.00 that you did NOT take in cash.

First off, what happens if Apple goes back to $50.00 the day after you pay that tax?  Do you get a refund?  Hell, no!

Secondly and far more important to us non-billionaires:  the principle has been set.  That gain-in-value on your house?  Your retirement mutual fund?  That's taxable, whether you sold the house and took the cash, or not.  

You say you're not a billionaire?  It's 2040, with a (D) President and Congress and a huge budget deficit, again.  The rules changed.  That 'unrealized gain' tax now applies to anyone with an income over $100K.

You say you don't have the cash to pay a 15% tax on your $100K gain?

Tough.  Sell the house, or your car, or your stamp collection.  Or all of them.

My advice?  Don't sell the guns and ammo.