The administration of Democrat President Joe “Empty Shelves” Biden and the Democrats dominating Congress just thought they’d hit the jackpot, politically and literally, as they came up with a deeply populist idea to slap the 700 US billionaires with a special tax to pay for their excessive Communist spending program named “Build Back Better.”
Chasing away the wealthy
What a brilliant idea: after all, it will just antagonize a few hundred people who aren’t liked by the majority of Americans anyway.
No huge waves of disgruntled voters will rise up as a result of this.
Sure, except, as always, the greedy Marxist Commies haven’t thought it all the way through.
So much so that the billionaire tax proposal’s fate became unclear due to Democrat infighting just hours after it was unveiled to the public.
Shortly after that, it was abandoned, and now the Biden cohort has come up with a surtax on Americans earning over $10 million per year.
The billionaire tax and now the new surtax on wealthier Americans, however, might have much worse repercussions for the American economy and society than the Democrats’ narrow Commie minds are capable of imagining.
This has been emphasized in a statement by President Donald Trump, who is himself one of the 700 or so billionaires affected by the “Robin Hood”-style tax.
Trump’s wealth is estimated at about $2.5 billion.
The newly proposed tax provides for a 5% surtax on those earning over $10 million per year, with a projected $230 billion raised over the next decade.
The original billionaires’ tax was supposed to raise $250 billion.
‘Radical Left maniacs’ in Congress
Trump warned that rich people will start leaving the United States because of the new taxes, and that even though he himself will “stick it out”, most of the others will not.
Trump wondered rhetorically whether it will be the United States of America or some other countries that will become the main beneficiaries from a “billionaires’ tax” or a “wealth tax” introduced in the US.
He clearly suggested that it will be the latter that stands to gain the most as the rich flee the country.
The 45th President of the United States noted that most of the superrich Americans don’t have to stay in the country anyway.
He noted that he knows a number of “those very smartly run countries” that seek to attract wealthy citizens, and those countries will be really happy thanks to the doings of “the Radical Left maniacs” in the US Congress.
Trump then dropped another strong hint with respect to his expected run in the 2024 presidential election.
He wondered whether he would be “allowed” to run the next election for the White House if he, as a billionaire, were to move to a different country.
POTUS 45 then rejected that option, vowing to “just stick it out” – yet, he predicted that “most others won’t”.