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.
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