US President Joe Biden said he was “tired” of seeing big companies not paying 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 top tech companies have already sold about 25 billion euros in shares this year.
Biden Tax: Tech Stocks Return $ 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.
The bond sale 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 earnings of more than $ 10. million (about 8.8 million euros), or 8%. . On revenues greater than 25 million dollars (22.1 million euros).
The fiscal measures aim to raise some 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 approval, the tax was abolished as described above. 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 is still the richest man in the world with 215.5 billion euros. 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 with 177.5 billion euros. Bill Gates, Larry Page, Mark Zuckerberg, Sergey Brin, Steve Palmer, and Larry Ellison make the top ten list.
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Tech leaders are selling stocks