Rajkot Updates News Elon Musk Pay 11 Billion In Taxes
Rajkot updates news Elon musk pay 11 billion in taxes. Biden Administration is preparing to announce a new tax for the wealthy, which could propel Elon Musk into orbit.
Biden’s “Billionaire Minimum Income Tax” plan would establish a 20 percent tax that would be the floor for Americans who earn over $100 million that would apply to their income as stated and the not realized gains on stock investments as well as other types of wealth.
According to the Washington Post report, it will also be part of the budget proposal, which is expected to be presented by the White House and will roll out Monday.
Musk came out against a version proposed back in October while it was being discussed to finance Biden’s now-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 founder tweeted the year before.
The plan would reduce more than $1 trillion in deficits during the next ten years following the fact sheet released this weekend by the White House Budget Office.
According to the aides who conceived the tax, Biden’s tax plan could raise the sum of $360 billion over ten years, and it would be imposed on the 700 richest Americans.