Biden’s Billionaire Tax Would Work a Lot Like the Withholding You See on Your Paycheck

Business Insider cites CEI President Kent Lassman on Biden’s proposed “billionaire tax” in the release budget for fiscal year 2023:

“What’s a problem with the proposal out of the White House is they are trying to transform something that has never been income into income, in order that they can claim these revenues under an exception made in the 16th Amendment,” Kent Lassman, the president and CEO of Competitive Enterprise Institute, a right-leaning think tank, told Insider. 

The 16th Amendment gave Congress the power to tax incomes. Lassman said that the Constitution is designed with protections for citizens, and that “the heart of problem” is “that we’re trying to go around the taxpayer protections, because otherwise it would be very difficult to administer a wealth tax.”

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