About time someone tried to make the ultra-rich actually contribute their fair share.
SaltyPinKY on
Yep…if you get a loan from it…you can tax it.
bleahdeebleah on
Excellent, I love this idea
MiddleAgedSponger on
A 20% excise tax on loans/credit lines against stock is getting off easy, especially considering the step up in basis for many inherited assets. The reality is that this will not pass and this is just more red meat for the base.
geomaster on
pretty much worthless…only expected to raise 276Billion over 10 years so 27 billion a year…yeah that’s gonna make a dent in the annual deficit of 1.8TRILLION
and why would you go to say common sense exemption such as mortgages and home equity lines. this is ridiculous. so much for taxing loans on capital assets.
It’s just another bs bill representing special interests.
mcs5280 on
Billionaires having to pay their fair share in taxes? This is the most anti-American thing I’ve ever heard. How dare he try to make them pay taxes? How will they manage to survive?
OkSmile on
This shouldn’t be that hard. Equity used as collateral for a loan has clearly been assessed a minimal value. That value should be the new realized basis for the equity and taxed like any other capital gain or loss. Very straightforward.
It’s only hard because the very rich lobby hard against their free money glitch.
Life-Ship3628 on
This is a great idea.
Won’t pass of course but maybe it can remind people it’s rich against the poor.
Every time people feel the pinch of higher cost remember rich people don’t feel it nor do they seem to care
groundhog5886 on
They should include all revenues paid to political PAC’s and campaigns.
Obvious_Chapter2082 on
A solution in search of a problem that doesn’t exist
fuck-nazi on
276B over 10 years? Pennies. Multiply it by 10-20 and start paying off the debt. The interest goes to the ultra wealthy and businesses anyways
Robtachi on
For context, Goldman (my district) is the NYC Democrats’ resident nepo-billionaire, so for him to be the one championing this tax shows the heat he is feeling from the city’s progressives. If he doesn’t steer left, he’s going to get trampled by Lander in a primary. He might still, anyway.
Unfair-Ocelot4255 on
Good luck.
Tundrok337 on
ok, and it’s never getting passed. So… who cares
bryancald on
This has to happen!
7figureipo on
This is the correct way to tax wealth. I think a flat 20% tax is the wrong approach, it should just be treated as ordinary income, or else have a similarly progressive scale. People who have $10M in assets who take out a $300k LAL for whatever reason shouldn’t pay the same rate as people who have $100M in assets taking $1M out. But it should definitely all be taxed at some rate.
Caeldeth on
This is an interesting concept. I hate how the quotes around it are “it can pay for these new programs” though as opposed to dealing with our massive deficit.
It’s $27.6 b per year in new income. Barely a blip on the deficit, but a start.
jackstraw97 on
Stop trying to manufacture consent for Goldman. He’s horrible. He’s only proposing this because he will be getting primaried from the left and he knows this bill has zero chance of seeing the floor at all. Purely for optics.
He needs to go. No more genocide supporters in Congress.
18 Comments
About time someone tried to make the ultra-rich actually contribute their fair share.
Yep…if you get a loan from it…you can tax it.
Excellent, I love this idea
A 20% excise tax on loans/credit lines against stock is getting off easy, especially considering the step up in basis for many inherited assets. The reality is that this will not pass and this is just more red meat for the base.
pretty much worthless…only expected to raise 276Billion over 10 years so 27 billion a year…yeah that’s gonna make a dent in the annual deficit of 1.8TRILLION
and why would you go to say common sense exemption such as mortgages and home equity lines. this is ridiculous. so much for taxing loans on capital assets.
It’s just another bs bill representing special interests.
Billionaires having to pay their fair share in taxes? This is the most anti-American thing I’ve ever heard. How dare he try to make them pay taxes? How will they manage to survive?
This shouldn’t be that hard. Equity used as collateral for a loan has clearly been assessed a minimal value. That value should be the new realized basis for the equity and taxed like any other capital gain or loss. Very straightforward.
It’s only hard because the very rich lobby hard against their free money glitch.
This is a great idea.
Won’t pass of course but maybe it can remind people it’s rich against the poor.
Every time people feel the pinch of higher cost remember rich people don’t feel it nor do they seem to care
They should include all revenues paid to political PAC’s and campaigns.
A solution in search of a problem that doesn’t exist
276B over 10 years? Pennies. Multiply it by 10-20 and start paying off the debt. The interest goes to the ultra wealthy and businesses anyways
For context, Goldman (my district) is the NYC Democrats’ resident nepo-billionaire, so for him to be the one championing this tax shows the heat he is feeling from the city’s progressives. If he doesn’t steer left, he’s going to get trampled by Lander in a primary. He might still, anyway.
Good luck.
ok, and it’s never getting passed. So… who cares
This has to happen!
This is the correct way to tax wealth. I think a flat 20% tax is the wrong approach, it should just be treated as ordinary income, or else have a similarly progressive scale. People who have $10M in assets who take out a $300k LAL for whatever reason shouldn’t pay the same rate as people who have $100M in assets taking $1M out. But it should definitely all be taxed at some rate.
This is an interesting concept. I hate how the quotes around it are “it can pay for these new programs” though as opposed to dealing with our massive deficit.
It’s $27.6 b per year in new income. Barely a blip on the deficit, but a start.
Stop trying to manufacture consent for Goldman. He’s horrible. He’s only proposing this because he will be getting primaried from the left and he knows this bill has zero chance of seeing the floor at all. Purely for optics.
He needs to go. No more genocide supporters in Congress.