Carpetbagger Ron Wyden does not represent Oregonians. He may own a home in Eastmorland, but he lives with his family in New York City and travels to Another home in Washington DC for work. Why is he still allowed to be called the Senior Senator from Oregon? He wasn’t born here and hasn’t lived here in years. With his leftist, elitist, anti-capitalist sentiments, he is a destructive force for average Americans who aspire to the American Dream.
Why doesn't Wyden live among constituents?
When our absentee senator, Ron Wyden, made one of his infrequent visits to Oregon to meet with with students at North Eugene High School the other day, it was too bad no one asked him why he does not choose to live among his constituents here in Oregon as opposed to shuttling between his real homes in Washington, D.C., and New York City.
I have never understood why Oregonians continue to elect this carpetbagger.
Jim Hargreaves, Eugene
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Don’t be for about his reviled billionaires’ tax plan (AKA Wealth Tax). The problem with singling out the wealthy to pay “their fair share” of taxes is a cheap appeal to humans’ innate selfishness and desire to have something at another's’ expense. It doesn’t take long for the billionaires’ kitty to run dry and the definition of wealthy drop to include millionaires and then the middle class. It’s a slippery slope of greed. Even
Wyden’s son doesn’t like Dad’s fiscal policies either.
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Democrat Wyden's Son: Dad, 'Cronies' Hate American Dream
Adam Wyden, a multimillionaire hedge fund manager, called out his father, Democratic Sen. Ron Wyden of Oregon, and his "cronies" on Capitol Hill on Sunday saying they hate the "American Dream."
"Why does he hate us / the American dream so much?!?!?!?!" Adam Wyden tweeted on Sunday. "Reality is: most legislators have never built anything… so I guess it’s easier to mindlessly and haphazardly try and tear stuff down."
"Thankfully, I think I can compound faster than my dad and his cronies can confiscate it…" Wyden said
The younger Wyden moved from New York to Florida last year to escape his previous home's high tax rates, Forbes reported. And he hasn't been shy about criticizing President Joe Biden or his father's tax policies.
The Biden administration has pushed an "unrealized capital gains" tax for billionaires to fund his infrastructure plan. Such a tax would force payment on an increase in net worth, which is not currently taxed unless the money is cashed out.
Detractors have noted that the income tax was initially sold as only for the wealthy and now hits nearly all Americans.
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Recall Margaret Thatcher’s quote:
“The problem with socialism is that you eventually
run out of other people's money.”
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New term, TOTAL INCOME = unrealized gain. The increase in value of a person’s assets that he hasn’t sold yet. Such capital gains are currently taxed when they are converted into spendable income. Total wealth tax is a new term for Wealth Tax that would tax the gains before they are liquidated thus lowering the ability of a person to compound their gains over time.
When will the increase in value of personal residences be included in total income? I have been predicting this for years as a way socialists can degrade private property rights, though private property includes financial assets as well as hard assets.
Biden to propose minimum tax on billionaires in budget
President Biden will propose a new 20 percent minimum tax on America’s wealthiest households as part of his fiscal 2023 budget, according to a White House fact sheet released on Saturday.
The White House said that the “billionaire minimum income tax” Biden will propose would apply to the top 0.01 percent of American households, or those worth more than $100 million. More than half of the revenue raised by the proposed minimum tax would come from households worth more than $1 billion, according to the fact sheet.
The new proposal would require wealthy households to pay 20 percent in taxes on their “full income,” including standard taxable income as well as unrealized income like gains from stocks.
Such a proposal would need to be passed by Congress.
Democrats in Congress have previously debated how to raise taxes on America’s most wealthy. Senate Finance Committee Chairman Ron Wyden (D-Ore.) unveiled a billionaire tax proposal last fall that would tax investment gains of taxpayers with assets exceeding $1 billion or income of over $100 million.
Biden is expected to release his full budget proposal for fiscal 2023 on Monday, days after returning to Washington from a high-stakes trip to Europe that focused on Russia’s invasion of Ukraine.
Presidential budgets are not typically passed by Congress, but they send a signal of the administration’s priorities for the coming year.
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Wyden’s version of the Billionaires’ tax from the fall. It didn’t pass, so Biden is trying another version. Just as destructive, just as hateful towards the American Dream.
Wyden releases billionaires tax proposal for spending package
“We have a historic opportunity with the Billionaires Income Tax to restore fairness to our tax code, and fund critical investments in American families,” Wyden said in a statement.
Wyden’s proposal is aimed at preventing billionaires from avoiding taxes. Currently, people don’t have to pay taxes on investment gains until they sell the assets.
Wyden’s office said it expects that the proposal would raise hundreds of billions of dollars in revenue.
The proposal would affect taxpayers with assets of more than $1 billion or income of more than $100 million for three years in a row. About 700 taxpayers are expected to be subject to the tax.
In cases of tradeable investments, such as stocks, applicable taxpayers would pay taxes on gains and claim deductions for losses annually. Billionaires would be able to carry forward losses and would also be able to carry back losses for three years in some circumstances.
In cases of nontradable assets, such as real estate, billionaires would not pay taxes annually on the gains but would pay a charge, on top of regular capital gains taxes, when they sell the assets.
In the first year that taxpayers are subject to the tax, they would have the option to pay their liability in installments over five years. They would also be able to designate up to $1 billion of stock in a single corporation as a nontradable asset so that they could keep their controlling interest in the company, according to a summary released by Wyden’s office.
The proposal also includes rules designed to prevent billionaires from avoiding paying the tax.
Wyden has been championing the idea of taxing wealthy people’s investment gains annually for several years. But the idea has received increased attention in recent days because Sen. Kyrsten Sinema (D-Ariz.) has been resistant to raising tax rates on corporations and high-income individuals.
It’s unclear whether the proposal can get widespread support among congressional Democrats. A number of House Democrats have been hesitant to back it and have indicated that they would prefer to raise tax rates.
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