https://www.cnbc.com/2023/02/09/joe-bidens-billionaire-tax-is-dead-on-arrival.html

Biden’s billionaire tax is ‘dead on arrival’ in Congress, top Wall Street backers and Democratic strategists say
Published Thu, Feb 9 202312:22 PM ESTUpdated Thu, Feb 9 20232:14 PM EST
Brian Schwartz,Christina Wilkie

• “What it really is, or at least the way we see, it is a prepayment or withholding tax on future capital gains,” he said Wednesday on ” Squawk Box .” The White House didn’t respond to follow-up questions from CNBC about the plan.
• The plan would require households with a net worth above $100 million to pay a minimum annual tax of 20% on both their standard taxable income and on gains in the total value of their “tradable assets,” which includes stocks, bonds, mutual funds and other securities.

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Corporate leaders who backed President Joe Biden in the 2020 election conveyed deep skepticism that the so-called billionaire’s tax Biden proposed in his State of the Union address this week would ever become law.

The plan would require households with a net worth above $100 million to pay a minimum annual tax of 20% on both their standard taxable income and on gains in the total value of their “tradable assets,” which includes stocks, bonds, mutual funds and other securities.

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I can’t imagine a more “economy killing” idea.  What do they think these wealthy people do with their money?  Swim in it like the Scrooge McDuck in a comic book pool.  No, they invest the capital in the economy that make productivity possible.

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