'Fuming' billionaires issue profane denunciations of Biden's new minimum tax plan
Image: Screen capture of Amazon.com CEO Jeff Bezos (Binary Option Evolution)

America's billionaires would have to pay more taxes under President Joe Biden's latest proposal -- and they aren't happy about it.

Biden's plan is to issue a minimum of a 20 percent tax on billionaires. It comes after a 2021 report by ProPublica that revealed “a vast trove” of leaked Internal Revenue Service (IRS) documents that showed billionaires like Jeff Bezos and Elon Musk have all avoided paying any federal income tax for several years, despite raking in cash.

That report revealed that Musk’s tax rate was at 3.27 percent, whereas Bezos’ had just 0.98 percent.

During the 2020 campaign season, nearly every Democrat running lamented billionaires should at the very least pay more in taxes than a teacher or even their assistants.

Billionaire investor Leon Cooperman complained on Monday to Insider that Biden's proposal is "stupid" and "probably illegal."

“It's dead on arrival, it's not constitutional, and it doesn't make any sense,” the Daily Beast reported, citing the same "fuming" billionaire in an interview. “Why don't they eliminate the fucking loopholes in the tax code?”

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The ten richest Americans, if they paid the taxes in Biden's plan could generate $2.15 billion in annual revenue, which could fund pre-K for every 3-4-year-old in the United States for a year. That number also happens to be the same as the cost that the FCC has for broadband internet in rural areas.

Biden's plan would target households making $100 million or more with the minimum annual tax rate of 20 percent, including profits on their investments. To put that in context, there are "745 billionaires in the United States, compared with 614 in March 2020," the New York Times reported in Nov. 2021.

"Under the current system, many billionaires are able to avoid paying meaningful taxes for years or even decades by holding on to liquid assets that are only taxed once sold," the Daily Beast explained. "Average investors can defer taxes in the same way, but the ultra-rich can fund their lifestyles by borrowing huge sums of money and using their shares as collateral, preventing them from incurring significant tax liabilities."

Most of the uber-rich have teams of investment analysts, lawyers and accountants who work to help find the loopholes that they can use to funnel charitable deductions or dodge other tax obligations.

At the same time, the IRS is woefully underfunded and has been unable to go after uber-wealthy corporations or Americans who dodge paying the taxes that they do owe. It's the main reason that Biden's Build Back Better plan was fully funded, because it would allow the IRS to go after those tax dodgers, the CBO explained.