Hard To See What's Unfair About This... But Do Count On The GOP In Senate To Torpedo It...

This proposed tax of 20% on all income, as a minimum payment, would actually affect only about 700 US "households" (multi-mansions, actually).

And to suggest that it is unfair is to ignore that most of these households pay less than two or three per cent per year, at present. But as I say, count on the GOP in the Senate (and Fox News) to try to torpedo it. The GOP has forever been positively allergic to any form of wealth tax. Here is the NYT on it all, tonight:

. . .The White House will ask Congress on Monday to pass a new minimum tax on billionaires as part of a budget proposal intended to revitalize President Biden’s domestic agenda and reduce the deficit.

The tax would require that American households worth more than $100 million pay a rate of at least 20 percent on their full income, as well as unrealized gains in the value of their liquid assets, such as stocks, bonds and cash, which can accumulate value for years but are taxed only when they are sold.

Mr. Biden’s proposal to impose a tax on billionaires is the first time he has explicitly called for a wealth tax. . . .

Well. . . here's to. . . hoping it might pass, in some form. Equity would be served -- and the deficit would be cut appreciably. Onward, smiling. . . with 'Nova headed to the Big Easy, now.

नमस्ते