Battered Biden Set to Roll out ‘Billionaire Minimum Income Tax’ With Obvious Eye on Midterms

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    Some presidents soar to historic heights when history demands they do so.

    Some presidents simply keep the Ship of State on an even keel, when that is all that is required of them.

    Some presidents are inept, but only to the point of irrelevancy. They neither “fix” nor “break” anything.

    Occasionally, a president is in so far over his head that everything he does or says — either purposely, inadvertently (or because he is told by handlers what to do and say), or finally, due to a continuing decline of his mental acuity — becomes not only a danger to America but to the rest of the world, as well.

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    The disastrous, last four days in Europe have painted as stark an illustration of the third example I have seen in a president since Jimmy Carter — and not even the peanut farmer came close to Joe Biden.

    Where to begin?

    Speaking at NATO headquarters on Thursday, Biden admitted what the wise among us have known from the outset: sanctions don’t work as a deterrent.

    “Let’s get something straight … I did not say that … sanctions would deter them. [They] never deter.”

    On Friday in Poland, Biden (incorrectly) told the 82nd Airborne they were going to Ukraine.

    You’re going to see when you’re there, you’re going to see women, young people standing in the middle, in the front of a damn tank saying ‘I’m not leaving.’

    Saving his best effort for last, Biden on Saturday, in Warsaw, flat-out called for regime change in Russia, in what was arguably the most disastrous of his long, impressive history of faux pas and misstatements.

    For God’s sake, this man cannot remain in power.

    Terrified Bideneers –including SecState Antony Blinken — rushed to lie about what Biden meant to say.

    As Biden settled into his seat on Air Force One to return to the U.S., I envision him cluelessly saying to himself, with a silly look of contentment on his Barney Fife face, “Well, that’s done.”

    Yes, it’s “done,” Joe. Good job.

    But Monday is another day. A day for Joe to shift his thoughts back to wreaking havoc on the American economy. With an obvious eye on what will likely be a complete dumpster fire for the Democrat Party in the 2022 midterm elections, the White House on Monday will unveil the Democrats’ long-threatened “billionaire tax,” as reported by The Washington Post, according to an administration document obtained by WaPo.

    The “Billionaire Minimum Income Tax” plan would establish a 20 percent minimum tax rate on all American households worth more than $100 million, according to the document and at least five people with knowledge of the plan.

    The majority of new revenue raised by the tax would come from billionaires, sources claim. Sure, it will. Maybe at first — but even if so, Biden, like Obama before him, has long favored a minimum tax on wealthy Americans. That “fair share” thing, incessantly touted by Chicago Jesus Barack Obama throughout his presidency.

    The notion of a party that has never seen a tax hike it didn’t support, can never rob enough from Peter to sufficiently pay Paul (George Bernard Shaw), and has never seen a wealth redistribution scheme it didn’t embrace, anointing itself the arbiter of anybody’s “fair share” is laughable on its face.

    Here’s more, via WaPo:

    The White House plan would mandate billionaires to pay a tax rate of at least 20 percent on their full income, or the combination of traditional forms of wage income and whatever they may have made in unrealized gains, such as higher stock prices.

    Billionaires paying a rate below that will have to pay the difference between what they pay now and the 20 percent rate. Billionaires already paying more than 20 percent would not owe additional taxes.

    The taxes paid toward the minimum tax would count toward whatever billionaires owe once they have to pay ordinary capital gains taxes.

    As transcribed by WaPo, the White House document reads, in part:

    The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income. This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.

    Here’s the bottom line: This is a wealth tax. Plain and simple. Wealth taxes are generally unconstitutional, which is why “people familiar with the White House” plan are already rushing to lie about it. Via WaPo:

    This is an income tax, and income taxes are constitutional under the 16th Amendment. There are lots of income tax provisions that apply tax before a realization event. This tax on billionaires would be no different.

    Nonsense. But given these crazy times, including crazy court decisions that go all the way up to and including the Supreme Court, we’ll see.

    Incidentally, according to calculations by Gabriel Zucman, an economist at the University of California Berkeley, as quoted by WaPo, Tesla head Elon Musk would pay an additional $50 billion, while Amazon founder Jeff Bezos would pay an additional $35 billion, no doubt sending the 1,064th Native American socialist Rep. Elizabeth Warren (D-Mass.) into gleeful squees of joy.

    Biden left Ukraine, NATO, Russia, and the whole of Europe in a worse mess than it was just five days ago. Why not come back and continue the destruction on the home front?

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