If this passes – taxing unrealized capital gains for billionaires, it won’t be long until it is applied to the rest of us. The income tax after all was only supposed to hit “only the richest taxpayers.” Sounds like now with the billionaires for huge change in taxing authority.
Envy, greed, money and power are fantastic motivating factors for politicians and their voters.
It will also be rife with fraud for people who can afford it since regular people won’t be able to hire legions of accountants to value private entities, artwork and the like.
Yellen’s comments about the U.S. pushing to end global “race to the bottom” tells you all you need to know about her authoritarian, fascist philosophy. When a US official tells you that a monopoly is a good thing, you know that they want control, not liberty. Competition between countries and their tax systems keeps people free and countries honest. Freedom requires competition and the authoritarians worldwide don’t like it.
Yellen is proposing a “race to the bottom” herself where there is one huge monopoly that she and totalitarians like her control everyone and everything in order to leech of the 99% on the bottom.
Yellen and her cronies ignore the fact that only people pay taxes. They stir up envy and hate in order to divide people so that they can then conquer them. Then they use their envy and hate to get people to vote themselves into higher tax regimes so that they can take their cut in money and power.
The statists want monopolies that they can control, and this is a huge step into getting it.
- see e.g. https://www.cnbc.com/2021/05/04/yellen-us-pushing-to-end-race-to-the-bottom-on-corporate-taxes.html
Voting for Liberty on Florida’s Constitutional Amendments, 2018:
Amendment #1—Increases the Homestead Property Exemption Vote YES
Amendment #2—Limitations on Property Tax Assessments – Vote YES
Amendment #3—Voter Control of Gambling in Florida Vote YES (take it from the lobbyists)
Amendment #4—Restoration of Voting Rights Vote NO
Amendment #5—Super majority required for tax & fee increases Vote YES
Amendment #6—Rights of Crime Victims; Judges – varies
Amendment #7—1st Responder and Military Survivor Benefits; Public Colleges & Universities – Vote NO
Amendment #9—Prohibits Offshore Oil & Gas Drilling; Restricts Vaping – Vote NO
Amendment #10—State& Local Government & Operation – Vote NO
Amendment #11—Property Rights; Removal of Obsolete Provision; Criminal Statutes – Vote YES
Amendment #12—Lobbying and Abuse of Office by Public Officers – Vote YES
Amendment #13—Dog Racing – Vote NO (should be up to the legislature and individuals in a free country).
(some of the “no”s because they belong in the legislature, not the Constitution.)
Does your accountant, financial advisor, or bank encrypt your tax return or other financial document with the “last four digits of your SSN”? Many professionals do so with great intentions of protecting their client’s information. So far in the first few months 2016 we’ve seen every accountant and several bank send we’ve dealt with send information encrypted with the last four of the social security number – or request that you send it to them with it encrypted with the last four of your SSN. However, it is not providing any security if Continue reading Last 4 digits of SSN as encryption password for tax returns or financial documents? Completely unsafe. →
Cut a check and shut up, that’s what I say, okay? I’m tired of hearing about it. He wants to pay more taxes, pay more.”
Chris Christie, February 22, 2012 on Warren Buffett aka “The Hypocrite of Omaha”
“[Obama] supports corporate tax reform that would reduce expenditures and loopholes, lower rates for people investing and creating jobs in the U.S., due so further for manufacturing, and that we need to, as we have the Buffett Rule and the individual tax reform, we need a global minimum tax so that people have the assurance that nobody is escaping doing their fair share as part of a race to the bottom or having our tax code actually subsidized and facilitate people moving their funds to tax havens,” Gene Sperling, director of the White House’s national economic council said.
I guess the in the United States 47% who pay no taxes are going to see their taxes go up a lot.
So much for the Obama White House not wanting to raise taxes.
The NY Post writes:
This one’s truly, uh … rich: Billionaire Warren Buffett says folks like him should have to pay more taxes — but it turns out his firm, Berkshire Hathaway, hasn’t paid what it’s already owed for years. That’s right: As Americans for Limited Government President Bill Wilson notes, the company openly admits that it owes back taxes since as long ago as 2002. “We anticipate that we will resolve all adjustments proposed by the US Internal Revenue Service (“IRS”) for the 2002 through 2004 tax years … within the next 12 months,” the firm’s annual report says. It also cites outstanding tax issues for 2005 through 2009.
Obvious question: If Buffett really thinks he and his “mega-rich friends” should pay higher taxes, why doesn’t his firm fork over what it already owes undercurrent rates?
Read more here:
A question: what is the “fair share” percentage? What kind of definition of “fair” means that some people pay a higher percentage than others? It is the same definition included in Animal Farm where all animals are equal, just some animals are more equal than others.
Hypocrite Warren Buffett says Rich should pay more.
Warren Buffett, the hypocrite of Omaha says taxes are too low/
Warren Buffett says taxes are too low but doesn’t pay more himself and uses the tax code to minimize his taxes
Warren Buffett says taxpayers need to get over their anger
The problem is members of Congress are dug in ideologically. President Obama, July 15, 2011
He is right, the power-hungry, class-warfare motivated, politicians want to increase their power over the purse by increasing taxes. It is too bad that both the President and Democrat members of Congress are so dug in ideologically that they insist on tax increases – or “revenues” as the double-speak coming from the President and Congress refers to them.
“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.” Senator Obama, March 20, 2006
Then Senator Obama was right then, debt is not the answer and has never been the answer.