The Billionaires Would Like A Receipt, Please
Steve Mnuchin "generally" supports "making sure the appropriate taxes are collected" in the US. "But when you talk about targeting one segment of the population in a very specific way, I worry about the unintended consequences."
That's according to... well, to Steve Mnuchin, who spoke to Bloomberg Television while glad-handing in Saudi Arabia.
The Kingdom held its flagship investment conference this week in Riyadh, where lots of billions (and their handlers) congregated at the King Abdulaziz I
Another great opinion piece, H. I’ve thought for a long time that we do a poor job of analyzing the capabilities of our elected representatives. What should qualifications be for those that will determine how our tax dollars are allocated? Looking to some of the bozos unable to negotiate for the common good we now have in DC makes me want to begin dialogue on qualifications. The ability to compromise would be right up there in my view.
I always thought it’d be cool if we could vote on the annual budget allocation, direct democracy style. Not every $ but broad category at least. “Education3, “Defence” etc.
And see where people’s preferences really are…
Yes, and while we are at it, a vote on the next year’s income tax rates would also be cool. Just one more form to fill out on your yearly 1040 individual income tax return to avoid claims of ‘election fraud’. Now that would be real Democracy.
Sure. I vote to implement a direct democratic representation through quarterly votes on issues- as Switzerland does.
I like it. Good idea.
Evokes the ongoing/never-ending debate over removing the special treatment for “carried interest”.
A few years back, when the private equity sharks screamed that it would be so unfair that they would pack up and leave the USA, I graciously volunteered to drive a few of them right onto the tarmac at Teterboro and help load the luggage onto their private jet. .
Just hate carried interest perk. Needs to go away.
H. Brilliant. Thank you. We don’t get this kind of content anywhere.
Well, that didn’t last long:
“House Ways and Means Chair Richard Neal said today proposal to tax assets of billionaires has been scrapped from Democrats spending plan, though 3% surtax for those earning $10M+ still on the table (Bloomberg). Momentum for billionaire tax faded given how difficult it would be to implement and the legal challenges it would face. Update comes amid another messy day of fiscal stimulus headlines despite White House and Democrats’ insistence they are close to a deal on a social spending package (Bloomberg).”