Hard to argue with this.
And the accidental president shuffles off the stage.
[Update a while later]
Biden’s speech was a political trainwreck.
We couldn’t sit through it. We watched other things and occasionally switched back to see when it was over, so we could see Gutfeld.
Publius was too kind, IMHO…
He was. Biden has wasted 50 years of federal payrolls, before that he was a government employee in Delaware. I’m not sure he ever earned a private pay check, and has certainly never signed the front of one for more than perhaps household staff.
Unless this video was a Deep Fake, Jake Tapper stooped to interview a fact checker who took a dump on Mr. Biden’s yelled line in the speech about “billionaires paying only an 8% tax rate.”
It was patiently explained to Mr. Tapper that the 8% figure would be if you took unrealized capital gains as income that needs to be task. Amazingly, Mr. Tapper didn’t even scowl in disbelief.
That sounds an awful like the Wealth Tax proposals, but would the Wealth Tax even be constitutional in that it took an amendment to tax income?
Interesting times, interesting times.
I once wondered how the 16th Amendment authorizing the income tax was ever passed. Some research showed it was passed as “a tax on the rich.” If you look at the official tax tables, it actually was mostly that for the first few years. For example, from 1913 through 1915, there were 7 brackets. People earning up to $20,000 paid 1%, while the top bracket of > $500,000 paid 7%. Keep in mind, $20,000 in 1913 had the same buying power as $644,000 today. Likewise, $500,000 in 1913 had the same buying power as over $16 million today.
https://taxfoundation.org/data/all/federal/historical-income-tax-rates-brackets/
Then WWI happened. Suddenly, the number of tax brackets was greatly increased, as was the percentage people in each bracket paid. The brackets and percentages have changed many times, but they never went back to anything remotely like those early tax brackets. Somehow, a “tax on the rich” became a tax on everybody.
The same time happened with the Alternative Minimum Tax. It was sold as “a tax on the rich” but ended up being a tax on a whole lot of people.
So, they’ll try to say that a wealth tax will be on “millionaires and billionaires”, but with inflation, that will cover a lot more than just the reported 1000 billionaires in the country. Whenever you hear that something will only be “a tax on the rich”, know that you’re being conned. Before long, that will be yet another tax on you.
Doesn’t take much to be a millionaire these days. Between homes and retirement, that’s a lot of middleclass people.
And now with the proposed unrealized capital gains tax, there will be a “pre-wealth tax”.