Biden is expected to propose a new ‘billionaire’s tax’ on the wealthiest Americans.

The Biden administration is about to reveal a new tax on the wealthy that might propel Elon Musk into space.

Biden’s “Billionaire Minimum Income Tax” proposal would levy a 20% tax rate on Americans worth more than $100 million, including unrealized gains on stock holdings and other types of wealth.

According to the Washington Post, the plan will be included in the White House’s budget proposal, which will be released on Monday.

When a version of the concept was being discussed as a method to help pay for Biden’s now-abandoned “Build Back Better” social spending program in October, Musk slammed it.

“When they run out of other people’s money, they come after you,” the source said.

According to a fact sheet provided Saturday by the White House Budget Office, the idea would reduce projected government deficits by more than $1 trillion over the next decade.

According to the aides who created Biden’s new tax, it could raise up to $360 billion over ten years and would be imposed on the wealthiest 700 Americans.

A federal stimulus check.Americans worth more than $100 million would pay up to a 20 percent tax rate under President Biden’s reported tax proposal.

It would affect the wealthiest 0.01 percent of households, with those worth $1 billion or more accounting for more than half of the estimated revenue.

Musk, as well as significant Biden supporters like Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg, are among them.

Musk indicated in December that the tax bill on his estimated $243 billion fortune in 2021 will be $11 billion.

However, even in Biden’s own party, the levy, which would have to be approved by Congress, could meet opposition.

The House of Representatives, left, is seen on the East Front of the Capitol in Washington, Saturday, Sept. 18, 2021.President Biden’s “Billionaire Minimum Income Tax” proposal could face a steep hill in Congress.

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.

The deficit dropped from $3.1 trillion in the 2020 fiscal year to $2.8 trillion in 2021. It’s projected to be down to $1.4 trillion this year. The economy expanded at 5.7 percent last year, buoyed by the easing of COVID shutdown measures.

But inflation has soared to a 40-year high, with supply chain issues and the Russian invasion of Ukraine contributing to ballooning gas prices.

Republicans have blamed the Biden administration for increased costs, with Senate Republican Minority Leader Mitch McConnell blasting the president for coronavirus relief and a push to move away from fossil fuel dependency.

“Washington Democrats’ response to these hardships has been as misguided as the war on American energy and runaway spending that helped create them,” the Kentucky lawmaker said last week. “The Biden administration seems to be willing to try anything but walking back their own disastrous economic policies.”

Published
Categorized as News

Leave a comment

Your email address will not be published. Required fields are marked *