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A Global Tax on Billionaires? Janet Yellen Says ‘No’
(www.wsj.com)
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this post was submitted on 21 May 2024
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politics
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Crazy how Biden's admin is full of people 70+ years old who are incredibly conservative and keep going against all of the things he keeps saying he wants to do...
Like, Imagine if you boss hired a bunch of shitty assholes, and when you complain about them he says "what am I supposed to do. They're already hired!"
Like, you can fire them Joe...
When you hire someone and they consistently do things you (supposedly) don't want them to do, you fucking fire them and hire someone who will do what you tell them.
Unless of course you don't actually want to get anything done and what you're telling them to do is what they're doing.
I can't read this article due to a paywall, but I know that Janet Yellen has been leading an effort to set a minimum corporate tax rate worldwide. I don't know what her stance is on wealth taxes in general, but I wouldn't be surprised if she's just trying to ensure that a minimum corporate tax rate work is not derailed by changing the target to something more controversial.
When did Biden say he wants a global wealth tax?
https://www.cnn.com/2023/10/23/business/billionaires-global-tax/index.html
In fairness, it's hard to keep track of all the times Biden says he wants to do something to appease voters and then never tries while his appointees fight the party platform.
But Biden wanted it for America, just stopped mentioning it, and now his appointees are fighting any wealth tax from anywhere.
Yes, Biden has his own tax proposal for the wealthy. It's a modified income tax, not a direct tax on overall wealth.
Wanting to tax the wealthy doesn't mean he supports a wealth tax. And it definitely doesn't mean he wants a global wealth tax. Neither of those are in the party platform.
The details matter. One Democratic proposal is to tax unrealized capital gains. So if Tesla stock went up in value, Musk would owe taxes. But unlike a wealth tax, Musk would owe nothing if the stock went down.