Top ten reasons why billionaires shouldn’t have to pay their fair share of taxes
President Biden proposes billionaires pay their “fair share”. – MSNBC
The howls of protest from Republicans to protect their wealthy donors have started. Use this infographic to get a ‘fair and balanced‘ perspective of why billionaires should not pay taxes. Mr. Burns from The Simpsons has volunteered to make the case on behalf of his fellow billionaires.
President Biden has a proposed a Billionaire Tax that includes a 25% minimum tax on the richest 0.01% of Americans. It would close a loophole that allows some wealthy investors with “passthrough businesses” to avoid paying tax on their investments.
Here is a preview of some of the reasons you are likely to hear from billionaires and their paid lackeys. Check the facts and decide for yourself if billionaires should pay their fair share or if you are happy to subsidize their lavish lifestyles.
Should billionaires pay their “fair share”?
What is the Billionaire Tax?
This tax is a serious effort to rein in deficits which is estimated to reduce overall deficit spending by $3 trillion dollars over the next decade. President Biden hopes to achieve that goal with a new billionaire tax, forcing them to pay at least 25% on all of their income, including appreciated assets, in taxes. President Biden wants to increase the top tax rate to 39.6% from 37%, reversing a Trump-era tax bill.
He also wants to quadruple the tax on corporate stock buybacks and raise the overall corporate rate from 21% to 28%. For Americans with unearned income above $400,000, the Medicare tax rate would jump from 3.8% to 5%, which Biden says will extend the program’s solvency by 25 years.” – MSNBC
Republicans stand up for their billionaire donors
Billionaire business owners deployed lobbyists to make sure Trump’s 2017 tax bill was tailored to their benefit. Confidential IRS records show the windfall that followed was due in large part to assistance from Senator Ron Johnson. In November 2017, with the administration of President Donald Trump rushing to get a massive tax overhaul through Congress, Senator Ron Johnson stunned his colleagues by announcing he would vote “no.”
Johnson became the first GOP senator to declare his opposition, spooking Senate leaders who were pushing to quickly pass the tax bill with their thin majority. Johnson’s demand was simple: In exchange for his vote, the bill must sweeten the tax break for a class of companies that are known as pass-throughs, since profits pass through to their owners. Within two weeks, Johnson’s ultimatum produced results. Trump personally called the senator to beg for his support, and the bill’s authors fattened the tax cut for these businesses. Johnson flipped to a “yes” and claimed credit for the change. The bill passed.
For those who benefited from the bill’s modifications, the collective millions spent on campaign donations and lobbying were minuscule compared with locking in years of enormous tax savings. A spokesperson for the Uihleins declined to comment. Representatives for Hendricks didn’t respond to questions. In response to emailed questions, Johnson did not address whether he had discussed the expanded tax break with Hendricks or the Uihleins.” – Milwaukee Independent
GOP represents the billionaires
“Meet The Wisconsin Billionaires Spending Big To Keep Ron Johnson In The Senate. The Uihleins cut checks totaling $292,100 to Ron Johnson Victory, a joint fundraising committee that supports Johnson’s campaign and other Republican groups. Richard Uihlein funneled another $2.2 million to Americas PAC, a super PAC he has almost single-handedly bankrolled that has spent $284,000 on the race. Johnson has gotten more support from another famous billionaire in the Heartland. Kansas-based Koch Industries, led by Charles Koch, has given $6.5 million to another super PAC supporting Johnson, Americans for Prosperity Action. That group spent over $2.8 million supporting Johnson.” – Forbes
Take Away: Billionaires shouldn’t be able to donate to politicians to create loopholes so they don’t pay their fair share of taxes.
Deepak
DemLabs
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Reposted from Democracy Labs with permission.
