Billionaires will be hammered hard by Joe Biden’s proposed minimum billionaire’s tax, according to the head of Americans for Tax Reform.
The American Taxpayers Union despite President Biden’s claim that his new minimum billionaire tax would only affect the wealthy, President Grover Norquist argued that it would also affect the middle class.
In an interview with “Mornings with Maria” on Monday, Norquist claimed that the income tax was “sold” to middle-class people, stating that “all of these taxes are established and then shifted right down to attacking middle-income Americans because that is where the actual money is.”
As part of his 2023 budget request, President Biden proposed a new 20 percent minimum tax on the nation’s wealthiest citizens’ earnings and unrealized capital gains.
To Norquist, taxing unrealized gains amounts to “taxing the worth of assets that go up and down with inflation or value,” but the exact valuation is unclear.
Before you file your taxes, here’s everything you need to know.
This means that the IRS will sit there and tell you that ‘we think that the house you own is worth X or Y,’ he explained to broadcaster Maria Bartiromo. “Some of it is simple to figure out, but a lot of it isn’t,” he says.
There will be a “whole load of money made by lawyers” and “the IRS [Internal Revenue Service] needs more access to know everything about you,” according to Norquist.
Under the “Billionaire Minimum Income Tax,” a plan by the Biden administration would mandate a tax rate of at least 20% on all income earned, including wages and any unrealized profits, for the wealthiest Americans.
If a billionaire fails to pay 20% of their income in taxes, they will be forced to pay a “top-up payment” to cover the gap.
Billionaires are expected to make up more than half of the tax revenue, according to White House estimates.
More than a third of the Biden team’s goal to cut the expenditure gap by $1.3 trillion would be achieved if the tax were implemented, which is estimated to decrease the $3 trillion deficit by $360 billion over the next decade if passed.
As Grover Norquist points out, ‘all of these taxes were imposed and then shifted directly down to punish middle-class Americans, which is how the income tax was sold.’ video
With the billionaire minimum income tax, middle-class families will also be affected.
ATR President Grover Norquist said the income tax was “sold” on the assumption that it mainly affects the wealthy, noting that “all of these taxes are established and then shifted right down to hitting middle-class Americans.”‘.
“What’s really going to happen is they are going to tax the middle class with energy taxes and other things,” Norquist stated, stating that the plan “is not workable.”
It was said by the White House that President Biden is a capitalist who believes that everyone should have access to the same opportunity to become a millionaire or billionaire. He also thinks it’s wrong for the richest Americans in the country to pay a lower tax rate than the rest of us.”