Posted on Oct 26, 2021
Billionaire tax hits critics as Biden pushes for budget deal
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(10/26/21) Of note: Biden vows new taxes on Americans’ earnings of $400,000+, thus undoing Trump’s tax cuts on those earning $400,000+
Billionaire tax hits critics as Biden pushes for budget deal
Posted from news.yahoo.com
Taxes
Joe Biden
Office of the President (POTUS)
Wealth
Politics
Posted >1 y ago
Responses: 6
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I suspect this won't pass and if it does, it may well be overturned at the Supreme Court
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CMSgt Marcus Falleaf
Billionaires are still Americans. They already pay more than 70% of all federal taxes. It is not right even though it doesn't affect me. I'm not really even a thousandaire... Not sure that a flat tax might not be better.
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People that make that much a year aren't doing it by themselves. They have employees to pay. Which means they are paying the government in a lot of different ways already. Ask a small business owner about their overhead.
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61% of Americans paid no federal income taxes in 2020, Tax Policy Center says
The Tax Policy Center said 107 million households, or 61% of taxpayers, owed no income taxes in 2020. That's up from 76 million, or 44% of taxpayers, in 2019.
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