This proposed tax would require households worth more than $100M to pay a tax of some 20% on income and unrealized gains including real estate.

Proposed “Billionaire Minimum Income Tax”

The proposed “Billionaire Minimum Income Tax,” appearing publicly for the first time last week within the Biden Administration’s budget for fiscal year 2023, would impact only the top 100th of 1% of American households.  More than half of revenue from this proposed tax would come from households worth more than $1B, or approximately 700 billionaires.

An important question for you.  2022 is here…have you completed your 2022 Real Estate Business and Lead Generation Plan? If not, no worries. We have done the hard work for you. Download your 2022 REAL ESTATE TREASURE MAP! Text HARRIS to 47372. It’s that simple and takes 3 seconds. Text HARRIS to 47372 and when you do we will instantly text you back with a link to download. BONUS: For a limited time when you text HARRIS to 47372 you will also receive a Coaching Call!

4 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms & Privacy:

As outlined by the Biden Administration, this proposed tax would require households worth more than $100M to pay a tax of at least 20% on both their income and any unrealized gains they may have such as stocks or real estate.  Revenue projections on this proposed tax are estimated at about $361B over a decade.

The Biden Administration’s proposed budget for fiscal year 2023 also includes revising upward the current top tax rate of 37% to 39.6% on individuals and an upward revision to the corporate tax rate to 28% from its current 21%.  Revenue projections for these two upward revisions are estimated at approximately $1.4T.

Proposed Shifts Are Game Changers to Current Policy

Such proposed shifts in tax policy are departures from past and current policies regarding the country’s ultra-wealthy.  Up until now, ultra-high-net-worth individuals have been able to avoid paying high taxes via loopholes, tax planning strategies and borrowing strategies that enabled them to simply bypass large tax liabilities.

According to Pro Publica, billionaires such as Jeff Bezos, Elon Musk, Mark Zuckerberg and Warren Buffett have been able to pay little if any federal income taxes.  Even the country’s most wealthy corporations have been able to pay little if any corporate taxes.

If these tax proposals were to pass the Congress, and that’s a HUGE if, being able to employ tax avoidance strategies would likely become much more difficult.

Under this proposal, wealthy households would be able to spread some of their tax payments on unrealized gains (appreciating stock and real estate values) over nine years.  After that initial nine-year period, wealthy household could then spread tax payments over five years on any future income.

Obviously, ultra-net-worth individuals would not be happy if these proposed shifts in tax policy were to pass.  However, according to a Pew Research Center study in April 2021 indicated that 59% of the American people were “bothered” by the reality that some corporations and wealthy individuals do not pay their “fair share” of taxes.

URGENT: Are You Worried About Having A Slower Start To The Year? Don’t Hit The Panic Button, Learn How To Have Massive Success In A Shifting Market. When You Attend This Exclusive Training You Will Learn 17 Surprising Secrets Of The Top 100 $ Millionaire Agents. Claim Your FREE Spot Now. After You Have Attended This Event You Will Experience A Huge Feeling Of Relief Knowing You Will FINALLY Laugh At Your Money Worries – You Will Have Your Own Personalized 2022 Step-By-Step Business And Lead Generation Plan. Learn Now How To Generate 100’s of Motivated Leads for FREE, Without Coming Off As A Pushy Salesperson and Losing Your Soul. You Will Soon Know How To Become One of the 1000s of Agents Making HUGE Money In This Changing Market. Claim your FREE spot now. YES, I Want To Attend The FREE Webinar! <——Click To Register

P.S. Free Webinar, Limited Space. Less Than 300 Spots Still Available. 

Thanks to Inman.






Claim Your FREE Real Estate Treasure Map!