Senate Democrats have detailed proposed taxes for billionaires, a new and logistically risky approach to taxation that President Joe Biden hopes will help fund his social spending on low- and middle-income Americans. According to this; billionaires will pay 23.8% tax on unrealized capital gains. The general perspective of this plan is to broaden the tax base, to ease the tax burden on the middle and lower income groups, to facilitate their financing in terms of social expenditures, and to shift most of the tax burden to the richest.
The tax will apply to taxpayers who have held at least $1 billion in assets for three consecutive years or earned at least $100 million for three consecutive years. The slices mean that around 700 people will be affected, according to a summary of the plan (will Trump be affected too?). In addition, the wealthiest Americans will have to pay taxes annually on increases in value in publicly traded assets such as stocks and bonds. Another important perspective emerges in support of Biden’s $2 trillion fiscal spending plan. Passing the plan would require Democrats to consolidate due to the 50-50 bipartisan divide in the Senate.
The basic principles detailed in the tax plan are also about making reporting transparent and making tax avoidance difficult. Thus, some regulation will be needed to avoid complex wealth statements or concealment of assets. Taxation on trade and investment is easier on the basis of public reports. But the tax plan on fixed assets complicates a bit. However, all kinds of; It will be “Buy Now, Pay Now”.
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Hibya Haber Ajansı
Kaynak: Hibya Haber Ajansı