US President Joe Biden said he was “tired” of seeing big companies not pay taxes commensurate with their size. In this sense, a tax was created that became known as the “Biden tax” or the “Million Dollar Tax”.
To avoid such a tax, the leaders of the world’s leading technology companies have already sold about 25 billion euros of shares this year.
Biden tax: tech stock returns 25 billion
According to a Bloomberg post, the leaders of Tesla, Amazon and Facebook sold twice as many bonds as of 2020 to avoid the so-called Biden tax.
Bond sales began after the US Congress passed the "Biden tax", also known as the "Million Dollar Tax", which will force multinationals to pay 5% on undisclosed profits of more than $10 million (about 8.8 million euros), or 8%. On income in excess of $25 million (22.1 million euros).
The fiscal measures aim to raise about 202 billion euros over the next ten years to support the economic agenda of the President of the United States and his successors. However, despite the approval, the tax was abolished as described before Bloomberg.
From the list of leaders who sold shares, we find Elon Musk, the owner of Tesla, who has so far traded 8.9 billion euros in shares, which he has not done since 2018. However, Musk will pay 9.7 billion euros in taxes. Jeff Bezos (8.8 billion) from Amazon, Mark Zuckerberg (3.9 billion) meta/Facebook, and Google founders Larry Page (1.4 billion) and Sergey Brin (1.3 billion).
Elon Musk remains the richest man in the world with €215.5 billion. The founder of Tesla and SpaceX even managed to surpass the Portuguese GDP (gross domestic product), which is 205 billion, according to CM.
Jeff Bezos came in second place with 177.5 billion euros. Bill Gates, Larry Page, Mark Zuckerberg, Sergey Brin, Steve Palmer and Larry Ellison are in the top ten list.
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