'Under Biden's plan, that CEO would have to pay taxes on his CEO pay and all his stock gains. That would hike his federal tax tab from $4 million to $204 million.'
The great pamphleteer of the American Revolution, Thomas Paine, had much more on his mind than independence from the British., advocating for a democratic"commonwealth" thatBillionaires pay at a lower overall rate than average Americans.
Under Biden's plan, Americans worth over $100 million would be expected to pay an annual tax of at least 20 percent on their total income—including any increases in the value of their stocks, bonds, and other liquid assets. America's 700 or so billionaires, the Biden administration notes, saw"their wealth increase by $1 trillion" last year. Yet current law has billionaires paying"just 8 percent of their total realized and unrealized income in taxes.""Under current law, when an American worker earns a dollar of wages, that dollar is taxed as they earn it," the White House
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