The planned destruction of the middle class moves forward
The proposed and obviously Unconstitutional 'billionaires tax' is yet another step towards the destruction of the middle class class in America.
We start by imposing a wealth tax on those with a net worth of $ 100 million. In a decade it will move down to those with a net worth of $ 10 million or perhaps less. All of these types of programs have done this; Income Tax, Social Security, etc., so history tells us this is not hyperbole.
A net worth of $ 10 million is not a hell of a lot anymore, particularly when a government decides to tax that portion of the net worth that is unrealized income. This is home values, the paper value of your investments, and most dangerously the value of the untaxed portion of your tax deferred retirement accounts.
Article 1 section 9 prohibits a direct tax upon the individual unless in proportion to population, meaning all pay the same. Amendment 16 overrides this with respect to income. Income is wages, interest income, and profits realized upon the sale of investments and does not include appreciation of assets that are still held. Biden probably does not understand this because he has been a leach on society his entire adult life, but who ever it is that is feeding him this crap obviously knows that this proposal is not Constitutional, and is, frankly, specifically prohibited by the Constitution.
Let there be no doubt that the elitists who are working towards the Marxist transformation of America know that their success lies in the destruction of the middle class and the upper middle class. The very wealthy are comfortable in their ability to buy their way out of oppression, and the very poor can be controlled through largesse. A vibrant middle class cannot so easily be controlled.
The $ 30+ billion this abomination will add to Federal income annually is trivial, so we know the goal is something deeper. Envy politics, perhaps, but far more likely the destruction of opposition to the fundamental transformation of America.