John Sexton:
This is really just a wealth tax, something that progressives like Elizabeth Warren have been pushing for years. Also, the White House claim that wealthy Americans pay an average income tax rate of 8 percent is a lie which Biden has been telling since 2021. I wrote about it here but the short version is that the 8% is an estimate based on increased wealth and unrealized gains, not on income. In other words, this is an imaginary tax system that does not exist in the US.
Also,
Paying more than the bottom 70% is what Democrats call "not paying their fair share." In any case, Biden's claim about billionaires paying an 8% rate is a lie which he has been repeated for three years despite fact checks from every major news outlet pointing out that this is very misleading. In all, he's made this dishonest claim more than 30 times.
John Hinderaker:
If the government taxes unrealized gains on unsold securities when the market goes up, will it write checks to investors when the market is down? Logically, it would have to, but of course that is not part of Biden’s proposal.
# posted by Ranger @ 12:51 PM
