A list of times taxes on the rich became taxes on nearly everyone, and why you shouldn't believe the main stream media lies about the unrealized capital gains tax only being on people who make over $100m:
- When the federal income tax was introduced in 1913 under the 16th Amendment, it was intended to target only the wealthiest Americans. The initial tax rates ranged from 1% to 7%, and only about 3% of the population was subject to it.
- The AMT was introduced in 1969 to prevent high-income individuals from using deductions and loopholes to avoid paying any federal income tax.
Expansion: The AMT was not initially indexed for inflation, so over time, more middle-income taxpayers were affected. Eventually, Congress had to adjust the thresholds to prevent the AMT from applying to even more middle-income earners, but it still affects a significant number of taxpayers.
- Luxury taxes, such as those on high-end items like yachts, private jets, and expensive cars, were introduced to tax the wealthy who could afford such items. While many luxury taxes have been repealed or reduced, similar taxes have sometimes shifted to broader goods and services, or the thresholds have been lowered, affecting a wider range of consumers.
- The federal estate tax was introduced in 1916, targeting only the wealthiest estates to redistribute wealth. Although estate tax thresholds remain high, over time, more estates became subject to the tax due to inflation and changing laws. The threshold has fluctuated, and while fewer people are affected today, the tax has occasionally impacted a broader range of estates during certain periods.
- Capital gains taxes were initially low and primarily affected the wealthy who had significant investments.
Expansion: Over time, the capital gains tax rate has increased, and as more Americans began to invest in stocks, real estate, and retirement accounts, the tax has affected a larger segment of the population.
- Regulations requiring financial disclosures were often targeted at wealthy individuals and large corporations to ensure transparency and prevent fraud. These regulations expanded to affect smaller businesses, nonprofits, and eventually even individuals with modest investment portfolios who must comply with various reporting requirements, such as the Foreign Account Tax Compliance Act (FATCA).
- The ACA (Obamacare) imposed a mandate that required individuals to have health insurance or pay a penalty, which initially seemed to target wealthier individuals who were opting out of coverage. The mandate and associated taxes, like the "Cadillac tax" on high-cost employer health plans, ended up affecting a broad range of income levels, particularly as insurance premiums increased and more people were compelled to purchase insurance.
One thing
@Cernovich leaves out: The Biden-Harris plan he's referring to only would tax unrealized capital gains *for people with more than $100 million in net assets*
Seems like an important caveat but what do I know I'm just a reporter