Politics
Biden to Include Minimum Tax on Billionaires in Budget Proposal
WASHINGTON — The White Home will ask Congress on Monday to cross a brand new minimal tax on billionaires as a part of a finances proposal supposed to revitalize President Biden’s home agenda and scale back the nationwide deficit.
The tax would require that American households price greater than $100 million pay a tax price of at the least 20 % on their full earnings, in addition to unrealized positive factors within the worth of their liquid belongings, comparable to shares, bonds and money, which might accumulate worth for years however are taxed solely when they’re bought.
Mr. Biden’s proposal to impose a tax on billionaires is the primary time he has explicitly known as for a wealth tax. Whereas many in his social gathering have advocated taxes that concentrate on a person’s wealth — not simply earnings — Mr. Biden has largely steered away from such proposals in favor of accelerating the highest marginal earnings tax price, imposing the next tax on capital positive factors and estates, and elevating taxes on firms.
The “Billionaire Minimal Revenue Tax” would apply solely to the highest one one-hundredth of 1 % of American households, and over half of the income would come from these price greater than $1 billion. These already paying greater than 20 % wouldn’t owe any further taxes, though these paying under that stage must pay the distinction between their present tax price and the brand new 20 % price.
The funds of Mr. Biden’s minimal tax would additionally rely towards the tax that billionaires would ultimately have to pay on unrealized earnings from belongings which are taxed solely when they’re bought for a revenue.
The tax proposal will probably be a part of the Biden administration’s finances request for the following fiscal yr, which the White Home plans to launch on Monday. In a doc outlining the minimal tax, the White Home known as it “a prepayment of tax obligations these households will owe after they later notice their positive factors.”
“This method signifies that the very wealthiest Individuals pay taxes as they go, similar to everybody else,” the doc stated.
Because the administration grapples with worries over rising inflation, the White Home additionally launched a separate doc on Saturday saying that Mr. Biden’s finances proposal would lower federal deficits by a complete of greater than $1 trillion over the following decade.
The thought of imposing a wealth tax has gained traction since Mr. Biden was elected as Democrats have appeared for methods to fund their sweeping local weather and social coverage agenda and be sure that the wealthiest Individuals are paying their fair proportion.
Senator Elizabeth Warren, Democrat of Massachusetts, and Senator Ron Wyden, Democrat of Oregon and the chairman of the Finance Committee, launched separate proposals final yr that may tax the wealthiest, albeit in numerous methods. Ms. Warren had championed the thought of a wealth tax in her unsuccessful presidential marketing campaign.
The choice by the administration to name for a wealth tax additionally displays political realities over tips on how to finance Mr. Biden’s financial agenda.
Average Democrats, together with Senator Kyrsten Sinema of Arizona, have balked at elevating the company tax price or lifting the highest marginal earnings tax price to 39.6 % from 37 %, leaving the social gathering with few choices to boost income.
Nonetheless, Senator Joe Manchin III, Democrat of West Virginia, slammed the thought of taxing billionaires after Mr. Wyden’s proposal to take action was launched, though Mr. Manchin has since urged he might help some sort of billionaires’ tax.
Authorized questions on such a tax additionally abound, notably whether or not a tax on wealth — reasonably than earnings — is constitutional. If Congress approves a wealth tax, there was hypothesis that rich Individuals might mount a authorized problem to the trouble.
Politics
Nikki Haley responds after Trump says she won't be part of new cabinet, says she wishes him 'great success'
Nikki Haley, a Republican who ran against President-elect Trump months ago, responded after he publicly announced that she would not be joining his administration.
Responding in an equally public format, Haley wrote that she wishes him “great success.”
“I was proud to work with President Trump defending America at the United Nations,” she wrote in a X post Saturday.
“I wish him, and all who serve, great success in moving us forward to a stronger, safer America over the next four years,” she said.
TRUMP RULES OUT TWO GOP STALWARTS FROM JOINING HIS ADMINISTRATION: ‘WILL NOT BE INVITING’
Haley’s gracious response came after Trump took to Truth Social to frankly state that U.S. Ambassador to the United Nations, as well as former Secretary of State and CIA Director Mike Pompeo would not be participating in his new cabinet.
The announcement came after rumors have swirled regarding President-elect Trump’s cabinet members.
NIKKI HALEY PENS SUPPORTIVE OP-ED IN FAVOR OF TRUMP AHEAD OF ELECTION DAY: ‘EASY CALL’
“I will not be inviting former Ambassador Nikki Haley, or former Secretary of State Mike Pompeo, to join the Trump Administration, which is currently in formation,” the president-elect posted on Truth Social early Saturday evening.
“I very much enjoyed and appreciated working with them previously, and would like to thank them for their service to our Country,” he continued. “MAKE AMERICA GREAT AGAIN!”
Haley during her run for the Republican candidate attempted to cast herself as an alternative to Trump, but eventually penned a supportive op-ed about the presidential candidate two days before Election Day.
The former South Carolina governor wrote the recently-published opinion piece, which is titled “Trump Isn’t Perfect, but He’s the Better Choice.”
“I don’t agree with Mr. Trump 100% of the time,” Haley conceded. “But I do agree with him most of the time, and I disagree with Ms. Harris nearly all the time. That makes this an easy call.”
Fox News Digital’s Andrea Margolis contributed to this report.
Politics
Trump blasts Newsom's plan to shield California from the next White House
President-elect Trump is not thrilled with Gov. Gavin Newsom’s aggressive, highly visible campaign to shield California from the Trump White House.
“Governor Gavin Newscum is trying to KILL our Nation’s beautiful California,” Trump wrote on his Truth Social account on Friday, with his oft-used nickname for the state’s Democratic governor.
Trump’s post came one day after the governor convened a special session of the state Legislature to prepare for potential Republican-led attacks on abortion rights, environmental protections and disaster funding in the liberal state.
Trump wrote that Newsom “is using the term ‘Trump-Proof’ as a way of stopping all of the GREAT things that can be done to ‘Make California Great Again,’ but I just overwhelmingly won the Election.”
Newsom’s preemptive strike signals the return of the hostile relationship between Democratic-controlled California and the Trump administration.
In a video address to small donors and supporters Friday afternoon, Newsom said Trump’s criticism felt familiar.
“It’s a tired, old playbook of grievances. No prescriptions. No solutions. Just grievances,” he said.
The governor’s proclamation for the largely symbolic special session says his administration anticipates that Trump could seek to limit access to abortion medication, pursue a national abortion ban, dismantle environmental protections, repeal the Deferred Action for Childhood Arrivals program, and withhold federal disaster response funding, among other promises he made during the campaign.
Newsom is asking lawmakers to provide additional funding to the California Department of Justice and other agencies in his administration to immediately file lawsuits and defend against litigation from the Trump administration.
The governor’s aides said increases to the state’s legal defense would be paid for with income tax revenues that have exceeded projections in the current fiscal year, but the amount of funding will be determined in negotiations at the state Capitol. The special session is set to begin Dec. 2.
The president-elect on Truth blasted the “INSANE POLICY DECISIONS” of California’s Democratic leaders, blaming them for people fleeing the expensive state. (State data show that, last year, California’s population increased by 0.17% after three years of losses.)
“They are making it impossible to build a reasonably priced car, the unchecked and unbalanced homeless catastrophe, & the cost of EVERYTHING, in particular ‘groceries,’ IS OUT OF CONTROL,” Trump wrote.
Trump’s social media post included a promise to demand voter identification and proof of citizenship in order to cast ballots. This fall, Newsom signed a law that bans local governments from imposing voter identification requirements.
The president-elect also criticized the “rerouting of MILLIONS OF GALLONS OF WATER A DAY FROM THE NORTH OUT INTO THE PACIFIC OCEAN, rather than using it, free of charge, for the towns, cities, & farms dotted all throughout California.”
Speaking at his Rancho Palos Verdes golf club in September, Trump indicated he would revive his first-term fight with California leaders over water allocations and environmental laws meant to protect endangered fish such as the tiny delta smelt.
He said he would “revert water up into the hills where you have all the dead forests, where the forests are so brittle” in order to prevent wildfires. And he threatened to withhold federal firefighting aid for California unless “Newscum” agreed to “sign those papers” — an apparent reference to water policy, although he did not specify which papers.
In an interview days before the election, the governor cast Trump’s “Newscum” nickname for him as a win.
“We clearly are in his head and that’s a good thing, from my perspective,” Newsom said. “It means we’re doing the right thing.”
Though Trump and Newsom sparred on social media, in the press and the courts during the president-elect’s first term, their relationship wasn’t always fraught. The governor publicly praised Trump on several occasions for providing federal aid for California wildfires. And Trump also used a clip of Newsom commending him for sending COVID-19 testing swabs to California in an ad during his 2020 presidential campaign.
The pair maintained a cordial relationship behind the scenes, but it appears to have ended.
In his video address Friday, Newsom thanked the people who tuned in — 35,000 in total, he said — for their work to help elect Democrats in 2024.
He said he respects the presidency and wants Trump to succeed. But he’s not naive about the president-elect’s agenda.
“We know the playbook,” Newsom said. “He is going to be more, I think, aggressive than he was in the past.”
The special session is about getting prepared, the governor said, as he hinted that he has other moves up his sleeve.
“We’re not done by any stretch,” Newsom said.
Politics
Video: Women’s March Holds Rally in Washington
new video loaded: Women’s March Holds Rally in Washington
transcript
transcript
Women’s March Holds Rally in Washington
About 200 people showed up to the Women’s March protest and dance party in Washington D.C. The goal of the event was to reinvigorate the organization’s progressive base after the election.
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(chanting) “I believe that we will win.” “Say I believe that we will win.” “I believe that we will win.” “Say I believe that we — That we will win.” “There’s so many people that came before us and had fought for our rights. And I would hate to let that legacy, I’d hate to let that go. (music)
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