The Chairman’s Report May 6, 2022

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  • Source: FAIRtax
  • 05/06/2022

Billionaire Minimum Income Tax Proposal


Recently, the Biden administration announced a new way to impose a tax on the very wealthy.  It is called the Billionaire Minimum Income Tax or BMIT.

A recent article in FORTUNE explained the BMIT. 
  • The White House says that billionaires pay an average of only 8.2% of their income in federal taxes.
  • While the name implies that the new tax is aimed a billionaires, it will actually apply to U.S. households with a net worth in excess of $100 million (0.01%).
  • The tax will be on earned income and unrealized gains.
  • For example, a taxpayer purchased stock in January 2017 for $500, and the stock’s value has risen to $900.  On paper, the taxpayer has made $400.  Under this proposal, the taxpayer must pay taxes on that $400 even though they haven’t sold the stock and don’t actually have the $400 gain in hand.
  • If these taxpayers pay less than 20% of their earned and unrealized income in income tax, they would be required to pay an additional 5%.
  • Most Americans know that, like the original income tax, the promise to impose this new tax only on the very wealthy is just a start.  Soon people making $100,000 per year will be considered “wealthy”. 

Soon after the BMIT proposal was released to the public, Senator Joe Manchin announced he would not support it and in the equally divided Senate this ensured that it would not be passed.

Samuel Adams and the BMIT


A statue of Samuel Adams stands in front of Boston’s Faneuil Hall.  Samuel Adams was the cousin of John Adams.  Samuel Adams was a leader of Bostonians who protested the British Parliament’s attempts to impose taxes and restrict the economic and personal rights of the American colonists.

For a time, King George’s ministers reacted to the protests from America and repealed the acts.  It was said that each time this was done that Samuel Adams cried.  He had become convinced that the American colonies had to be independent and the acts of Parliament were lighting a fuse that, if allowed to burn, would ignite a rebellion in the colonies.

Many have asked, “Why don’t the wealthy advocate for the FAIRtax?”.  Some have.  In fact, the founders and early supporters of AFFT who funded the research for the FAIRtax were all very wealthy men and women.  Most of them were paying very low income tax rates under the current system.   They told me that they would pay far more in federal taxes under the FAIRtax, but that it was the right thing to do to ensure that their children and grandchildren have the same opportunities and freedoms that they enjoyed. 

They weren’t just talking.  They backed up their words with over $20 million and countless hours of donated time.
 

When Will The Wealthy Learn?


The present administration’s attacks against Amazon, Facebook and Google, whose owners were big supporters of President Biden in the 2020 election, illustrate the fate of billionaires who support the present administration. 

What did they expect?  These billionaires and many other very wealthy people who are vocal in their support of “progressive” government are finding out that their support is appreciated, but that support doesn’t change the attitude that somehow the wealthy should pay much more. 

Like Samuel Adams, many of us cried when Senator Manchin announced that he would not support the proposed Billionaire Minimum Tax.  Can you imagine the expressions of outrage from the wealthy if this bill appeared to have enough support to pass?
 

Conclusion


In almost all cases, our wealthy fellow citizens believe in our nation and don’t want to destroy or harm it.  They may be brilliant in business, but they seem to believe that the policies that enabled them to amass their great wealth should be changed because they are not “fair.”

This plays right into the plans that the DC elites, their minions in Congress and the White House have to fundamentally change America by moving more control to them, the smart people, and away from the rest of us—the not so smart people.

The wealthy and any others who believe the Ruling Class’s propaganda should read this quote from Winston Churchill in 1940 when he was talking about people who wanted to appease Hitler:

Each one hopes that if he feeds the crocodile enough, the crocodile will eat him last. All of them hope that the storm will pass before their turn comes to be devoured. But I fear greatly that the storm will not pass. It will rage and it will roar ever more loudly, ever more widely.

The income/payroll tax system is broken and no longer working—we can’t repair it but we can replace it with the FAIRTAX!
 

Join us and TAKE BACK CONTROL OF OUR COUNTRY—NOT WITH BULLETS BUT WITH THE ELIMINATION OF ONE OF THE BIGGEST THREATS TO OUR LIBERTY AND ECONOMIC PROSPERITY—THE INCOME/PAYROLL TAX.

We all should remember Edmund Burke’s warning that applies to our efforts to TAKE BACK CONTROL,
 
“Nobody made a greater mistake than he who did nothing because he could do only a little.”

We should also remember this quote from George Orwell's 1984, which, if we do nothing, may foretell your and your children's future:

“If you want a picture of the future, imagine a boot stamping on a human face—forever.”


What Can Each Of Us Do?

 

We can write letters and make calls to our elected representatives and attend Zoom town hall meetings demanding that if they really want to allow Americans to “TAKE BACK CONTROL”, the first step is to eliminate the income/payroll tax system and enact the FAIRTAX!

If you want to prevent the IRS from being further weaponized to punish those of us who may object to the D.C. opinions and dictates of what is good for us, then help us PASS THE FAIRTAX!

The IRS will be gone and we will pay our taxes when we make purchases.  WE and not D.C. Elites will decide how much federal tax we pay!

If you have friends who don’t know about the FAIRtax, send them to FAIRtax.org.  Have them watch the white boards under “How It Works” and, if they agree, ask them to please join us.

Then contact your Members of Congress and the President and demand that Congress pass -the FAIRtax—the only fair tax

Remember, if we don't continue to tell the truth and demand a change, then this quote from George Orwell's 1984 may foretell our children's future:

“If you want a picture of the future, imagine a boot stamping on a human face—forever.”

Is it hopeless?  When confronted with a seemingly impossible problem, remember the statement attributed to the author George Bernard Shaw who wrote, You see things; and you say “Why?”  But I dream things that never were; and I say “Why not?”

Isn’t it time for us to ask, “Why not?”

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Samuel Adams by diegograndi is licensed under Envato Elements Envato Elements

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