NEW Minimum Tax Bill - Changes Explained
March 28, 2022
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11:26Now PlayingNEW Minimum Tax Bill - Changes Explained
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as posted by the channelNew changes from the minimum tax bill explained:
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WHAT ARE THE TAX CHANGES?:
The bill includes spending $5.7 trillion including a new tax on billionaires. A 28% corporate tax rate and an increase to the top individual rate to 39.6%.
The billionaire minimum income tax bill would force people who’s household net worth is great than $100 million to pay a minimum of 20% on their income.
THE REAL GOAL OF THE CHANGES:
The real goal is to reduce the federal budget deficit, this bill for example is estimated to reduce it by 360 billion dollars over the next decade.
Just to put that in perspective, our 2021 federal budget deficit totaled roughly 2.8 trillion dollars. Wiping off 360 billion in the next 10 years is definitely not going to bring us anywhere close to paying off our debt ( it would take us roughly 77 years to pay it off at that rate - assuming we stop having any more deficits).
The last time people tried to tax billionaires, it didn’t fly because last time, the billionaire tax proposal was about taxing unrealized capital gains.
WHO DOES THIS AFFECT?
The top .01% which affects something like 700 Americans. It’s estimated Elon Musk would pay an additional $50 billion a year with this change and Jeff Bezos would pay an additional $35 billion a year. However, it will also affect the middle class people indirectly. Watch the video to find out how
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*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
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