The Democrats’ insane tax bill is now dead in the water.
Their plot to tax billionaires on unrealized earnings is absolutely insane and would be limitless. Plus, how do you tax someone on something that they don’t have and do they realize what that would do to our entire economy? It would be a disaster.
But Sen. Joe Manchin gets it. He understands the problems with taxing billionaires more than others.
“I don’t like it. I don’t like the connotation that we’re targeting different people,” Manchin said of Wyden’s proposal. “There are people that, basically, they’ve contributed to society, that create a lot of jobs and invest a lot of money and give a lot of philanthropic pursuits.”
“But it’s time that we all pull together and grow together. I believe everyone’s going to pay. I believe that we will end up where everyone must participate,” the West Virginia lawmaker added.
Now, a new idea is being proposed to tax billionaires 15% in what they call a “patriotic tax”. What gargbage! There is nothing patriotic about stealing 15% of someone’s earnings on top of what they already pay in taxes.
Here’s the thing…Democrats can complain all they want about billionaires not paying enough taxes, or as they claim, not paying any taxes, which simply isn’t true. But the fact of the matter is that they’re abiding by the tax laws that THEY put in place. If they don’t like it they only have themselves to blame because they’re the ones who created it.
You know what? I wonder what would happen if they went up to all the billionaires and asked for a generous donation. What would happen? I guarantee you that practically every one of them, if not every single one of them would be willing to give something as long as it’s not going to fatten the pockets of members of Congress or used to buy new chairs, lobster, steak, and beer and much of our tax money goes towards.