(03-26-2022 07:19 PM)OptimisticOwl Wrote:  Biden giving in to Progressives
As usual, the first bite is the smallest. I would expect it to eventually expand down to all of us.
The lies have already started. Advertised as a tax on billionaires, the starting point is 1/10 of a billion.
Also, it is not an income tax, but a wealth tax. I guess Elizabeth Warren is giddy.
I wonder whose word they will take on the value of certain assets - many assets do not have a defined value. Real estate, art, literary rights, contingency clauses, others. Opening up a can of worms, IMO.

I don't see how this will leave wealthy people any choice but to move investments--and perhaps themselves--out of the USA. And I don't see how that could have any impact on growth, jobs, and indeed the entire USA economy except extremely negative ones.

Somebody is not thinking this through clearly or sensibly.