What’s going on with the two bills?

[Anonymous]

The wealth tax on billions is just dumb. That will never pass and only reinforce how much Democratic leadership cant get anything done

[Anonymous]

Anonymous wrote:The wealth tax on billions is just dumb. That will never pass and only reinforce how much Democratic leadership cant get anything done

It is a tax on unrealized gains, which is absolutely insane.
So, it is a tax on wealth earned ON PAPER, but not in reality.
So the value of a stock can go up one year - causing a huge tax on the increase, but drop drastically the next year.
Will they also get a refund in the event of losses?

[Anonymous]

Anonymous wrote:

Anonymous wrote:The wealth tax on billions is just dumb. That will never pass and only reinforce how much Democratic leadership cant get anything done

It is a tax on unrealized gains, which is absolutely insane.
So, it is a tax on wealth earned ON PAPER, but not in reality.
So the value of a stock can go up one year - causing a huge tax on the increase, but drop drastically the next year.
Will they also get a refund in the event of losses?

I’m sure the surface thinking feels (key word feels) that this is great, i.e. ‘yeah, tax those billionaires!’. They don’t understand that these billionaires will first engage in massive selloff before the law hits the books and the little guy will pay dearly for that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The wealth tax on billions is just dumb. That will never pass and only reinforce how much Democratic leadership cant get anything done

It is a tax on unrealized gains, which is absolutely insane.
So, it is a tax on wealth earned ON PAPER, but not in reality.
So the value of a stock can go up one year - causing a huge tax on the increase, but drop drastically the next year.
Will they also get a refund in the event of losses?

Oh, since that wealth isn't real, you can sign it over to me. It's just meaningless paper without real value, right?

[Anonymous]

don't we pay property taxes on unrealized gains?

[Anonymous]

Anonymous wrote:The wealth tax on billions is just dumb. That will never pass and only reinforce how much Democratic leadership cant get anything done

Seems like the way to go. You are definitely wrong. Right now those guys pay nothing. I mean almost any MC person pays more taxes.

[Anonymous]

Oh yeah - that bill is dead, roasted and flambéed if Biden is publicly smearing Manchin’s name.

Biden indirectly cited Manchin's opposition as a reason that the party will likely be forced to abandon a big piece of their anti-poverty agenda.

"We lack one Democrat and 50 Republicans from keeping it from passing this time around," he said. "But it really fundamentally changed the lives of millions of people."

https://www.businessinsider.com/biden-joe-manchin-child-tax-credit-bbb-2022-4

[Anonymous]

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Anonymous wrote:*snickers*

Isn’t Jake Sherman the guy who was outed as being extremely friendly with Mark Meadows? And hasn’t Manchin been shown to be a damn liar already? Why do you trust the message or the messengers?

What's not to trust? Manchin has been clear since summer he didn't like this bill and has made as much known throughout the fall and winter. Then blew it up on XMas Eve like he was hinting at all along.

Or do you think there's a secret unicorn bill signed and going to a vote at 8PM tonight despite his objections?

They gave Manchin concession after concession. But in the end, it turned out Manchin was just playing games and wasting everyone's time.

That is adorable!

The Democrats can't proceed without Manchin's vote.

If he doesn't like the bill they have to change it until he likes it. They don't get to decide when they have given him enough concessions, he decides.

They should have known he had an effective veto and approached him appropriately, asking him very nicely what he would be willing to support.

Instead they decided to try to steamroll him...

I said months ago that the progressives were going to end up with egg on their face and look what happened...

The funny thing is they're led by a literal chair of the CPC that's been in Congress for three years and a Squad with the same 'history. Manchin (a former two-term Governor & three-term Senator) and Pelosi have had hangnails longer than Jayapal, AOC, Tlaib, etc have been in Congress and it shows.

Manchin changed it alright! I can’t wait to see the sheer anger on the squad’s faces when they’re forced to vote in support of the Senate-passed Inflation Reduction Act this week.

Egg indeed.