Biden unveils $5.8 trillion budget proposal with tax hikes, spending boosts
Category: News & Politics
Via: vic-eldred • 3 years ago • 5 commentsBy: Morgan Chalfant and Aris Folley (TheHill)
S E E D E D C O N T E N T
Biden proposes $3.3 billion to support clean energy projects and $18 billion for climate resilience programs.
The focus on deficit reduction seemed to be an effort to appease moderates and address domestic economic concerns exacerbated by high inflation.
Biden is proposing a minimum 20 percent tax on American households worth more than $100 million that would target their “full income,” including standard taxable income as well as unrealized income like gains from stocks, as part of the plan to reduce the deficit overtime.
The budget also includes a corporate tax rate hike from 21 percent to 28 percent, which could prove a tough sell in the Senate given previous resistance from key moderates like Manchin and Sen. Kyrsten Sinema (D-Ariz.).
The push comes as top Democrats have continued to press for tax reform targeting wealthy Americans and corporations, as government data has underscored growing income inequality in the nation in recent years, including during the pandemic .
But Democrats will have their work cut out for them in notching the necessary backing from Republicans who have voiced opposition to similar proposals, potentially forecasting problems ahead in the 50-50 split Senate, where the party would need all the support of its seats and 10 GOP lawmakers to pass such a measure.
The new request released early Monday marks Biden's second since assuming office in 2021, and comes weeks after Congress passed a $1.5 trillion spending omnibus package to fund the government for fiscal 2022.
The measure's passage earlier this month capped of months bruising, partisan fights over parity between increases in defense and nondefense spending levels, coronavirus relief funding and a number of thorny legacy riders in areas like abortion and marijuana.
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Nope, this budget proposal is already dead.
I guess his puppet masters want more spending eh?
Did anyone ever explain how that tax on unrealized gains from unsold stock would work? I never saw anything on that, not sure how that could work. I mean to be fair if they tax based on the % gain in value over purchase price for the year then they would also need to provide a refund device for any reduction in value the next year. Seems it would greatly add to the cost of owning stock as you need to maintain those records overtime as well and the government would also need to keep the records or how would they know what was the correct tax or refund for any particular asset over the course of time. Seems like a dumb idea to me.
What's next? Taxing the middle class on the appreciated value of their homes?
Don't give them any ideas!
Granholm already had her yearly tax on corporation assets like vehicles; computers; printers; etc. She forgot that all taxes on those are paid at time of purchase; and that all of those items depreciate in value the second they are sold; and every year in use after that.
Waiting on them to put a value added tax on personal items that outlive their expiration date. Your laptop is 7 years old; that far outstrips it's intended use- you need to pay taxes on it since you are avoiding paying them on a new one.