In his second State of the Union address on Feb. 7, President Joe Biden urged billionaires and corporations to “pay their fair share,” repeating the administration’s concept of “reward work, not just wealth.” The president proposed instituting a minimum tax on billionaires and quadrupling the stock buyback tax. “Let’s finish the job. Reward…
Biden Pushes Billionaire Tax, Quadrupling Stock Buyback Levy in State of the Union Address
February 8, 2023
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Federal Government Tax Collection Hits Record $2 Trillion in 6 Months
April 14, 2022
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The U.S. federal government has collected record high taxes exceeding $2 trillion during the first half of the fiscal year, from October 2021 to March 2022, according to the Bureau of the Fiscal Service. In the first six months of fiscal year 2022, which began Oct. 1, 2021, tax collections totaled $2.12 trillion, up over…
Biden’s Billionaire Tax Is Neither Constitutional Nor Defendable
Commentary The Biden budget proposal includes a “billionaire tax.” On Dec. 31, 2023, taxpayers with over of $100 million of net worth would be subject to a 20 percent minimum tax on unrealized appreciation on all of their assets. Future years would see additional minimum taxes on subsequent unrealized gains. Taxpayers reaching $100 million of…
‘Billionaire Tax’ Expands Taxable Income, Should Be Dead on Revival Say Critics
March 30, 2022
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President Joe Biden’s proposed “billionaire tax” may sound good to many voters, but it is fraught with vagaries that could redefine—and expand—the nation’s tax code, according to first-look analyses across a range of publications and sites, from The Wall Street Journal to the Heritage Foundation. The tax proposal was included within Biden’s $5.8 billion Fiscal…
Musk Gave Out $5.7 Billion Worth of Tesla Shares to Unknown Charity
Entrepreneur Elon Musk, the world’s richest man worth over $238 billion, donated millions of Tesla shares last year to a charity according to a U.S. Securities and Exchange Commission (SEC) filing. Musk sold 5,044,000 Tesla shares between Nov. 19 and Nov. 29 last year according to the filing. These shares are estimated to have been…
Elon Musk Sells Another Billion Worth of Tesla Shares, Exercises Options to Buy Stock
Elon Musk sold about $1.02 billion worth of his holdings in Tesla, reaching closer to his sales target of 10 percent that he had promised Twitter followers last month, while at the same time bought millions of shares via options. According to filings with the U.S. Securities & Exchange Commission, as cited by the Wall…
Democratic Sen. Wyden Rebuked by His Millionaire Son Over Billionaire Tax Proposal
Democratic Sen. Ron Wyden (D-Ore.) has been called out by his multimillionaire son in a Twitter exchange involving Elon Musk, the world’s richest man, and his payment of taxes. Adam Wyden, 37, lambasted his father and other politicians in a tweet that was a response to his father’s reply to Musk’s viral poll which asked…
Elon Musk Gives Two Thumbs Down to Billionaire Tax Idea
The world’s richest man is not happy over the billionaire tax proposal being floated as a means to finance the Biden administration’s “Build Back Better” infrastructure agenda. What Happened Tesla Inc. CEO Elon Musk shared his displeasure over the proposed tax following a tweet by Washington Post reporter Christian Davenport, who observed that “Musk would…
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