Real estate billionaire Jeff Greene found himself in his oceanside mansion in Palm Beach on Thursday, listening to President Biden’s announcement about a proposal to increase taxes on the ultra-rich. This proposal, a key highlight of the State of the Union address, aimed to introduce a 25 percent minimum income tax for individuals with a net worth of at least $100 million. With an estimated net worth of $7.5 billion, Greene would undoubtedly fall into this category.
Unsurprisingly, the real estate tycoon is not in favor of Biden’s proposal. He expressed his disagreement with the idea of targeting individuals based on their wealth or lack thereof, stating, “I don’t agree with the idea of just singling out people because of how much they have or don’t have,” in an interview with The Daily Beast.
“I get the concept of progressive income tax,” he remarked, expressing his concerns about the escalating tax rates in certain regions. “We need to ensure that there are still incentives for individuals who play a vital role in job creation, supporting those who aspire to climb the socioeconomic ladder.” Greene also pointed out the challenges in accurately assessing wealth. While billionaires such as Mark Zuckerberg or Jeff Bezos have a substantial net worth primarily tied to publicly traded stock, determining the value of assets in the real estate industry, for instance, can often be subjective.”
During a recent interview, the topic of Kanye West’s net worth came up. When asked about it, West responded by stating that he doesn’t have an exact figure in mind. He explained that his wealth primarily consists of assets such as artwork and real estate. He further emphasized that he doesn’t keep track of their daily value, implying that his focus is more on the overall worth of these assets.
In a recent interview with The Daily Beast, John Catsimatidis, the billionaire owner of a grocery empire, expressed his strong opposition to Biden’s plan.
According to Catsimatidis, President Biden’s stance suggests a preference for a socialist government rather than a capitalist one. Catsimatidis argues that socialism is ineffective, citing examples such as Russia, Cuba, and Venezuela. This viewpoint aligns with Catsimatidis’ frequent talking points, which he often discusses on his own radio show. Some notable guests on his show include right-wing Senate candidate Kari Lake, former Trump attorney Alan Dershowitz, and Bill O’Reilly.
According to Catsimatidis, the American government should not be providing incentives for people to work hard. He also expresses his disapproval of how taxpayers’ money is allocated, especially in foreign affairs. Catsimatidis believes that while it is acceptable to support the poor within the United States, it is not feasible to support the entire world.
Billionaire investor Leon Cooperman, on the other hand, believes that Biden’s proposals can be seen as a form of “tax and spend” without addressing the root issue. Cooperman argues that the real problem lies in excessive spending.
In his State of the Union address, Biden highlighted the potential impact of implementing a 25 percent minimum tax on the ultra-rich, stating that it could generate $500 billion over the course of 10 years. He emphasized the transformative effect this revenue could have on America. Furthermore, Biden pointed out that, on average, the country’s 1,000 billionaires currently pay slightly over 8 percent in income tax each year. However, it’s important to note that there is ongoing debate regarding the accuracy of this calculation.
“I was raised in a household where my father didn’t benefit much from trickle-down economics,” the president shared during his speech. “That’s why I am committed to changing the situation and ensuring the prosperity of the middle class. When the middle class thrives, the wealthy can still thrive as well. It’s a win-win situation for all of us.”
Biden, basking in the cheers of his supporters chanting “four more years,” has put forward additional tax proposals. These include raising the corporate minimum tax from 15 percent to 21 percent, scaling back tax advantages for corporate use of private jets, and significantly increasing taxes on stock buybacks made by companies.
Greene, while expressing his disagreement with Biden’s plan, recognizes the necessity of increasing taxes. He emphasizes the idea that if individuals are struggling to meet their financial obligations, they must either reduce their expenses or increase their income. According to Greene, the same principle applies to the government as well.
Jeff Greene, a previous contender for both Senate and governor in Florida, proposed alternative methods for generating revenue. One suggestion he made was gradually increasing the age of social security eligibility. In his example, Greene mentioned his own children, aged 10, 12, and 14, and questioned whether they would truly be concerned if the retirement age were shifted from 65 to 70.
When The Daily Beast reached out to Mark Cuban, the co-founder of Cost Plus Drugs, early on Thursday, he shared that he had no intention of tuning in to the State of the Union address. Instead, he planned on watching his Dallas Mavericks face off against the Miami Heat.
In a recent interview with Bloomberg, Cuban expressed his unwavering support for Joe Biden, dismissing any concerns about Biden’s age. Cuban stated, “Even if it was his last wake and he was being given last rites, and it was him versus Trump, I would still vote for Joe Biden.” This remark highlights Cuban’s strong belief in Biden’s capabilities, regardless of any potential concerns about his age.
