The Biden Administration is poised to announce a new tax on the wealthy that could send Elon Musk into orbit.
in October, when it was being considered as way to help pay for Biden’s since-abandoned “Build Back Better” social spending bill.
“Eventually, they run out of other people’s money and then they come for you,” the multi-billionaire Tesla CEO and SpaceX founderBiden’s new tax could raise up to $360 billion over 10 years, say the aides who developed it, and would fall on the richest 700 Americans. Sen. Joe Manchin previously announced he would not vote for President Joe Biden’s social spending bill.Americans worth more than $100 million would pay up to a 20 percent tax rate under President Biden’s reported tax proposal.That would include Musk — as well as major Biden supporters like Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg.totaled $11 billionBut the levy, which would have to be passed by Congress, could face headwinds even in Biden’s own party.
Democrats such as House Speaker Nancy Pelosi and West Virginia Sen. Joe Manchin have expressed firm opposition to previous versions of the plan, calling it a publicity stunt unlikely to pass Congress.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
President Biden to unveil new minimum tax on billionaires in budgetThe White House will unveil a new minimum tax targeting billionaires as part of its 2023 budget Monday, proposing a direct tax on the richest 700 Americans for the first time.
Read more »
Biden to propose minimum tax on billionaires as part of 2023 budgetU.S. President Joe Biden will propose a minimum tax on billionaires as part of the fiscal 2023 budget that is expected to be unveiled on Monday, a document released by the White House showed.
Read more »
Biden to Propose 20% Minimum Tax on Billionaires in Budget PlanPresident Joe Biden intends to propose a minimum tax of 20% on households worth more than $100 million and cut projected budget deficits by more than $1 trillion over the next decade.
Read more »
Biden Boasts Popularity in Europe as Americans Question LeadershipPresident Joe Biden boasted Thursday of his popularity in Europe after meeting with leaders of NATO in Brussels.
Read more »
Two-thirds of Americans say Hunter Biden laptop ‘important’ story: pollOf 1,000 US voters polled by Rasmussen Reports, 66% believe the laptop story is important and 48% percent say it is “very important,” according to the survey published Thursday.
Read more »
Biden administration to offer COVID-19 boosters to older Americans: reportThe Biden administration is reportedly planning to give Americans ages 50 and up the choice to receive a second COVID-19 booster dose of the Pfizer-BioNTech or Moderna vaccines.
Read more »