Manchin Rejects 20% Tax For Billionaires: ‘Everybody Has To Pay Their Fair Share’

Those Billionaires are largely Democrats, of course Dems won't tax them.

TAXES ARE FOR THE LITTLE PEOPLE: Vulnerable House Dem Penalized for Late Property Tax Payments.

They should expel him from Congress.

"Rep. Matthew Cartwright has a history of tax delinquency."

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"Rep. Matthew Cartwright (D., Pa.) was hit with tax penalties for late condo payments in 2021, just three years after facing media scrutiny for repeated tax delinquency."

"Cartwright last year owed penalties and interest, stemming from the late property tax payments on his Washington, D.C., condo he shares with his wife, according to D.C. Office of Tax and Revenue records."

The tax scofflaw "is locked in a competitive race against Republican challenger Jim Bognet. Cartwright declined to say if he supports a Democrat-backed inflation bill that raises taxes on middle-income earners."

 

It seems a little strange that government would want to impose a tax based on how much a rich person saved.

Take two people. The first one earns 10 million a year and has saved up 100 million. The second also likewise earns 10 million a year, the same as the first, but has already spent their money. Yet only the first pays this additional 20% minimum tax.

These might not even be investments the rich person owns. It could include their personal property too, like artwork they own, a big house they had built, or even just money in a bank account barely earning any interest or a bunch of gold.

 

Increase taxes all they want but as long as most really wealthy people make their money through investing and not personal income increasing rates means diddly. Vote no vote yes, it doesn't matter. It's just politics.

 

That is why the Democrats have had to (essentially) print more money.

They know it would be political suicide to raise taxes to pay for all this stuff. It's too politically difficult and would cause them to lose campaign spending money.

Also, if they go after households earning between $100-150,000, even that could cause them to lose some votes, since about 15-20% of households are in this tax bracket. (Despite what some people might think, half of these households still vote for Democrats)