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The administration says that would hit the top 0.01 percent of households, generating $360 billion over the next decade, with half of that coming from billionaires.

“For too long, our tax code has rewarded wealth, not work, and contributed to growing income and wealthy inequality in America,” the administration said in a summary of the proposal.

“This minimum tax would make sure the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.”

The plan comes as Democrats attempt to revive their long-stalled “reconciliation” tax plans and make good on campaign promises to hike taxes on the rich.

Subjecting people’s unrealized gains in unsold assets to taxes would amount to a major change in the tax system and open up a new revenue stream for the Treasury.

But rank-and-file Democrats have already rejected similar wealth tax proposals by Sens. Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.).

And if enacted, the proposal would surely be challenged as a violation of an arcane restriction in the Constitution on taxation.

The plan, first reported by the Washington Post, is set to be released Monday as part of Biden’s 2023 budget request, which the administration says would reduce the budget deficit by a total of $1 trillion over the next 10 years.

The U.S. has a progressive tax system, where the bulk of taxes are paid by the well-to-do — the Treasury Department projects the top 0.1 percent of earners, making more than $2.8 million, will pay an average federal tax rate this year of 31.8 percent.

But that progressivity can fall at the very top of the income spectrum, with some able to slash or even eliminate their tax bills by doing things like borrowing against their stock holdings, which aren’t taxed unless they’re sold.

Over the past year, Democrats have repeatedly tried to address that, first with Warren’s proposal to impose a yearly tax on the total value of assets held by the super-rich. Wyden called for taxing the annual appreciation of those assets.

And Biden previously proposed ending provisions in the code known among experts as “stepped-up basis at death” that can allow wealthy people to pass assets on to heirs tax-free.

All of those failed to gain traction in Congress, with House Democrats pushing for more traditional income surtaxes on high earners.

Biden’s new proposal would require the rich to pay the difference if the taxes on what’s traditionally been considered their income and their unrealized gains is less than 20 percent.

“This approach means that the very wealthiest Americans pay taxes as they go, just like everyone else, and eliminates the inefficient sheltering of income for decades or generations,” the White House document says.

The administration would give those subject to the plan years to pay the tax bills.

“The proposal allows wealthy households to spread initial top-up payments on unrealized income over nine years, and then five years for top-up payments on new income going forward,” the administration says. “Stretching payment over multiple years will smooth year-to-year variation in investment income, while still ensuring that the wealthiest end up paying a minimum tax rate of 20 percent.”

“Illiquid taxpayers may opt to pay later with interest.”

If enacted, such a plan would likely be challenged as a violation of the Constitution’s restriction on so-called direct taxes, an antiquated term referring to levies imposed directly on someone that can’t be shifted onto someone else.

There’s an exception for income taxes, thanks to the 16th Amendment, which allows Congress to tax people’s earnings.

The administration contends unrealized gains should be considered income, building that into the proposal’s name: the Billionaire Minimum Income Tax.

In a statement, Wyden praised the plan.

“President Biden has put forward a solid proposal that would ensure billionaires pay taxes every year, just like my Billionaires Income Tax,” he said.

“There’s no way to fix our broken tax code without getting at the problem of billionaires avoiding taxes for decades, if not indefinitely.”

Source Article from https://www.politico.com/news/2022/03/26/biden-to-propose-new-tax-on-the-uber-rich-00020682

Loved ones of four family members – including an 8-month-old baby – are grieving their deaths as investigators continue to piece together their kidnapping and deaths.

Paramjeet Singh, a friend of the family for the past 15 years, said Thursday that the immediate families were still too shaken by the horrific developments this week to speak to reporters.

“It’s a really big tragedy for the family, for the community, for all of us,” he said.

| Read More | Merced kidnapping deaths: Ex-employee abducted Sikh family, sheriff says. Here’s what else we know

The Merced County Sheriff’s Office said the family was kidnapped from the family’s business in Merced on Monday.

A man – identified by authorities as Jesus Manuel Salgado— can be seen on surveillance video leading brothers Jasdeep Singh, 36, and Amandeep Singh, 39, from the business before going back for the 8-month-old child Aroohi Dheri and her 27-year-old mother, Jasleen Kaur.

Video Below: Questions, anger present after deaths of four family members in Merced

Paramjeet Singh said the family members were kind, hardworking people with strong family ties in both India and Merced County.

“It doesn’t make any sense,” he said. “For us, it’s very cruel. It’s an unexpected incident.”

Edwin Kainth, also a friend of the family for the past 17 years, said he was designated to speak on behalf of the family. Kainth said the suspect had previously worked as a truck driver for the Singh brothers, for a short period of time, and that they had parted on bad terms.

“The entire Merced County is kind of shaken,” Kainth said. “(Wednesday), when they recovered the bodies of four innocent family members, that will never be forgotten.”

| Related | Central Valley family of 4 found dead days after kidnapping, officials say

Kainth said he wanted to see the suspect thoroughly prosecuted and wanted law enforcement to step up enforcement around businesses in the area, especially those operated by members of the Sikh community.

Source Article from https://www.kcra.com/article/merced-kidnapping-deaths-friends-new-details-about-family-killed-california/41550380

Republican Florida Gov. Ron DeSantis plans to resume sending migrants to Democratic strongholds once the Sunshine State finishes dealing with the devastation caused by Hurricane Ian, his spokeswoman said.

Two charter flights — to Delaware and Illinois — were scheduled to take place before Oct. 3, according to documents made public on Friday.

But they were postponed after Ian struck late last month, DeSantis communications director Taryn Fenske told The Associated Press.

“While Florida has had all hands on deck responding to our catastrophic hurricane, the immigration relocation program remains active,” Fenske wrote in an email Saturday.

DeSantis outraged Democrats when he flew about 50 migrants to Martha’s Vineyard, Massachusetts, without warning on Sept. 14.

The island is a popular summer vacation spot for left-leaning celebrities and top Democrats, including former President Barack Obama, who bought an $11.75 million estate on the Edgartown Great Pond in 2019.

Republican Florida Gov. Ron DeSantis plans to continue sending migrants to Democratic states.
AFP via Getty Images/OLIVIER DOULIERY

Earlier this year, the Florida Legislature authorized $12 million in spending to relocate people who entered the country illegally from Florida to other locations.

Although the flights to Martha’s Vineyard originated in Texas, they stopped in Florida en route.

The records released by the Florida Department of Transportation showed that DeSantis’ paid Vertol Systems Co. of Destin, Fla., $950,000 to arrange the follow-up flights.

Two charter flights — to Delaware and Illinois — were rescheduled due to Hurricane Ian.
Office of Gov DeSantis

The company even sent a worker to the state capital of Tallahassee to retrieve a check for the full amount after state officials didn’t get the paperwork needed to make a direct deposit, according to the documents.

Following the postponement, Vetrol extended the deadline for the trips to take place to Dec. 1.

On Sept. 20, the White House acknowledged it had “received word” that a planeload of migrants sent by DeSantis was expected to land at an airport near President Biden’s $2.7 million vacation home in Rehoboth Beach, Del.

Florida Legislature authorized $12 million in spending to relocate people who entered the country illegally.
Office of Gov DeSantis

Biden even sarcastically invited DeSantis to “come visit,” adding: “We have a beautiful shoreline.”

But the plane never arrived in Delaware and instead landed in Teterboro, N.J., without any migrants on board.

With Post wires

Source Article from https://nypost.com/2022/10/16/desantis-plans-to-resume-migrants-flights-to-democratic-areas/

LOS ANGELES (AP) — In a blitz of TV ads and a last-minute rally, California Democratic Gov. Gavin Newsom urged voters Sunday to turn back a looming recall vote that could remove him from office, while leading Republican Larry Elder broadly criticized the media for what he described as double standards that insulated Newsom from criticism and scrutiny throughout the contest.

The sunny, late-summer weekend was a swirl of political activity, as candidates held rallies, continued bus tours and cluttered the TV airwaves with advertising offering their closing arguments in advance of the election that concludes Tuesday.

Newsom — who is expecting President Joe Biden on Monday for a capstone get-out-the-vote rally in Long Beach — was in a largely Hispanic area on the northern edge of Los Angeles, where he sought to drive up turnout with the key voting bloc.

Elder also was in Los Angeles, where he was joined by activist and former actress Rose McGowan, who repeated her claims from recent days that Newsom’s wife, Jennifer Siebel Newsom, attempted to persuade her in 2017 not to go public with her allegations of sexual misconduct against Hollywood producer Harvey Weinstein.

Siebel Newsom’s office described the allegations as a “complete fabrication.” In a brief interview with The Associated Press, Newsom characterized McGowan’s claims as a “last-minute classic hit piece” from one of Elder’s supporters.

The governor called Elder desperate and grasping, saying McGowan’s claims about his wife “just shows you how low things go in campaigns these days.”

He echoed his earlier criticism of Elder, saying the conservative talk show host and lawyer “doesn’t believe that women have the right to their own reproductive freedoms, he’s devoutly opposed to Roe v. Wade, doesn’t believe there’s a glass ceiling, doesn’t believe in pay equity laws.”

During her appearance, McGowan spoke warmly of Elder and lambasted Hollywood Democrats who she said traumatized her life. She now lives in Mexico.

“Do I agree with him on all points? No,” McGowan said. “So what. He is the better candidate. He is the better man.”

The last-minute exchange highlighted growing tensions in the election, which largely grew out frustration with Newsom’s pandemic orders that shuttered schools and businesses during the pandemic. Voting concludes Tuesday. Recent polling shows Newsom is likely to hold his job.

As Newsom’s “first partner,” Siebel Newsom, an actress turned documentary filmmaker, has championed gender equality and society’s treatment of women and families.

McGowan, 48, who is known for her role in the “Scream” movie franchise, was one of the earliest of dozens of women to accuse Hollywood producer Harvey Weinstein of sexual misconduct, making her a major figure in the #MeToo movement.

Elder, who could become the state’s first Black governor, targeted some of his sharpest remarks at what he described as skewed media coverage.

Earlier this week, his walking tour of homeless encampments in LA’s Venice Beach neighborhood was cut short after a woman bicyclist wearing a gorilla mask threw an egg toward Elder and then took a swing at a member of his entourage. The confrontation set off strong reactions on Twitter, with conservatives charging the incident wasn’t immediately branded a racist attack because Elder is a conservative.

If he was a Democrat “it would have been a major story,” Elder said. He also said McGowan’s accusations largely have been ignored by the media, but argued that if similar charges had been made about him “that’s all you guys would be talking about.”

“This is a double standard,” he said. “I’m sick of it.”

Emails posted on Twitter by McGowan showed she had contact with Newsom’s wife, which her office confirmed but said their communication was “as fellow survivors of sexual assault and in Jennifer’s former capacity leading the Representation Project, an organization that fights limiting gender stereotypes and norms.”

One of McGowan’s key claims is that during a 2017 phone conversation, Newsom’s wife referenced a law firm that was working with Weinstein and asked her what the firm could do “to make you happy.”

McGowan said Sunday she didn’t recognize the firm’s name at the time. “I had no idea who that was. So, I just said nothing and hung up on her. That was my last contact with her,” she said.

The election will determine whether Newsom can complete his first term or will be tossed out of office more than a year early. Voters are being asked two questions: Should Newsom be recalled and, if so, who should replace him? If he gets a majority vote on the first question, the second question with the names of 46 replacement candidate is irrelevant. Otherwise, the highest vote-getter among the replacement candidates would become governor.

Source Article from https://apnews.com/article/joe-biden-california-los-angeles-elections-gavin-newsom-7c0bc016860df634d5c5da61eef4d415

The city of Lysychansk has been heavily damaged by fighting. Ukrainian forces said Sunday they had withdrawn from the city, leaving the region of Luhansk in Russian hands.

Aris Messinis/AFP via Getty Images


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Aris Messinis/AFP via Getty Images

The city of Lysychansk has been heavily damaged by fighting. Ukrainian forces said Sunday they had withdrawn from the city, leaving the region of Luhansk in Russian hands.

Aris Messinis/AFP via Getty Images

Russia says it now controls Ukraine’s Luhansk region, one of the two eastern regions that have been the focus of its invasion of Ukraine.

The announcement comes after Ukrainian troops withdrew from Lysychansk, an industrial city that had become the last major Ukrainian-controlled holdout in the region.

Together, Russian troops and a Russian-backed separatist militia “have established full control” over the city, a statement from Russia’s defense ministry said. It represents “the liberation of the Luhansk People’s Republic,” the statement said, using the separatists’ name for the self-proclaimed breakaway state.

Ukrainian troops had held out in this pocket of Luhansk for months, first in Sievierodonetsk, then Lysychansk. But with Russian troops pressing in on three sides, they faced the risk of encirclement and withdrew to the east, according to the General Staff of the Armed Forces of Ukraine.

“Continuing the defense of the city would have led to fatal consequences. In order to preserve the lives of Ukrainian defenders, a decision was made to withdraw,” the armed forces said in a statement on Facebook.

The Russians had superiority in multiple facets of the fight, Ukrainian officials said, from artillery and air force to ammunition and personnel.

After the fall of nearby Sievierodonetsk late last month, Lysychansk had become the last major city under Ukrainian control in Luhansk, the easternmost region of Ukraine. Just a week ago, Serhiy Haidai, the exiled Luhansk regional governor, urged the city’s residents to evacuate.

“They attacked the city with unexplainably brutal tactics,” Haidai said over the weekend in a post on Telegram. “If in Sievierodonetsk, some houses and administrative buildings survived through a month of street fighting, then in Lysychansk the same administrative buildings were completely destroyed in a shorter period of time.”

What the retreat from Lysychansk represents for Ukraine

Luhansk and Donetsk make up eastern Ukraine’s Donbas region, where violence has been ongoing since long before Russia’s invasion in February. Russian-backed separatists and Ukrainian forces have fought since 2014, after Russia’s illegal annexation of Crimea.

On Feb. 21, Russian President Vladimir Putin set the stage for the full-scale invasion by recognizing separatist-controlled areas in Luhansk and Donetsk as independent and ordering Russian military forces there under what he called a “peacekeeping” mission.

In the months since, Russia scaled back the ambitions of its invasion and refocused its military efforts on eastern Ukraine, with parts of Donbas seeing the most intense fighting of the year so far.

Now, with Luhansk largely in Russian hands, the neighboring region of Donetsk could soon follow.

The last two Ukrainian-held major cities in Donetsk — Kramatorsk and Slovyansk — are just about 50 miles from Lysychansk. The other major cities in Donetsk, including Donetsk itself, along with Mariupol, have been controlled by Russians or Russian-backed forces for some time.

Kramatorsk and Slovyansk have endured Russian shelling and rocket fire for months, including the deadly attack on Kramatorsk’s main train station in April that killed dozens of civilians.

If they fall, then the entire Donbas region would be effectively controlled by Russia — amounting to a demonstrable victory for Putin in a war that by all indications has dragged out longer than the Kremlin initially expected.

Putin has long prized the coal and steel-producing Donbas, which has a predominantly Russian-speaking population. The full capture would give Russia a strategic victory as well, expanding its control over Ukraine’s southeast and further cementing the “land bridge” between Russian territory and Crimea.

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Source Article from https://www.npr.org/2022/07/03/1109625359/ukraine-luhansk-donbas-russia