JOE BIDEN PROPOSES A NEW TAX ON THE RICH

 President of the United States proposes a new tax on the rich

The Biden Administration announces that it is ready to put a new tax on the rich, which could put characters like the South African businessman Elon Musk in a difficult situation.

Biden’s “Billionaires Minimum Income Tax” proposal would establish a minimum tax rate of 20% for Americans worth more than $100 million, affecting not only their declared income, but also their assets. unrealized gains on holding stocks and other forms of wealth.

For his part, Musk attacked a version of the plan in October last year, when it was being considered as a way to help pay for Biden's since-abandoned "Build Back Better" welfare bill.

Eventually they run out of other people's money and then they come for you," Tesla's billionaire CEO and SpaceX founder posted on Twitter last year.

This new Biden tax could raise up to $360 billion over 10 years, and would fall on the 700 richest Americans, aides who developed it say.

Among the millionaires, of course, is Musk, as well as top Biden supporters, Amazon's Jeff Bezos and Facebook's Mark Zuckerberg.

In December, Musk said the 2021 tax bill on his estimated $243 billion fortune came to $11 billion.

Notably, the tax, which would have to be approved by Congress, could face some opposition even among members of Biden's own party.

Democrats such as House Speaker Nancy Pelosi and West Virginia Sen. Joe Manchin have voiced strong opposition to earlier versions of the plan, calling it a publicity stunt that Congress likely won't pass.

However, Biden said on Monday that he hopes talks with Congress could lead to a general agreement on the week's package. The package totals at least 1.75 billion dollars and could be more. The president added that it would be "very, very positive to achieve it" before he leaves for two world summits abroad.

"That's my hope," the president said before leaving his home state of Delaware for a trip to New Jersey to highlight the child care and infrastructure proposals included in the package.

Resolving the revenue issue is key as Democrats have shrunk a plan that was $3.5 trillion, insisting that all new spending be paid for in full and not run up into debt, the L.A. Times reports.