As of the 28th, Musk’s fortune stood at $292 billion (about 342 trillion won). Amazon founder Jeff Bezos has dropped from No. 1 to No. 2 with a fortune of $19 billion. Interestingly, Musk increased his fortune by $36 billion in just one day on the 26th, which is equivalent to the wealth of the 34th richest person in the world. I know it’s number one in the world, but I’m not sure how big it really is. Musk’s net worth exceeds that of Toyota, Japan’s leading automaker, by market cap. Toyota’s net worth is $283 billion.
And it is said that with just 2% of his fortune, he could solve the global famine problem. “It takes $6 billion to save the 42 million people in need,” David Beasley, secretary-general of the World Food Program (WEP), the United Nations, said in an interview with a media outlet. I want you to come forward,” he said. $6 billion is about 2% of Musk’s fortune.
The more money you have, the tighter the checks are. Recently, there has been a topic of discussion regarding his property. This is because the introduction of the ‘billionaire attitude’ is becoming visible as a means of raising funds for the social welfare bill that US President Joe Biden is promoting. The billionaire tax, which targets very few of the richest people, will be levied on about 700 people with a fortune of $1 billion or more or an annual income of $100 million or more for the third consecutive year.
Billionaires pose a 20% tax rate on unrealized capital gains such as stocks and bonds. In the United States, no holding tax was applied to stocks or bonds. In other words, even if the value of an asset increased due to the holding period or inflation, it was not subject to tax unless it was sold. But now, even if it’s not a realized gain, it’s going to be taxed.
Democrats estimate that this will generate $200 billion in tax revenue over the next 10 years.
The reason why the introduction of the billionaire attitude is accelerating is related to the social welfare bill that President Biden and the Democratic Party are pushing. The $1.2 trillion infrastructure bill, which invests in traditional infrastructure, has passed bipartisan in the Senate and is about to be voted in the House. The bill has stalled as Republicans oppose the $3.5 trillion bill and some bills.
The solution to this problem is the Billionaire Pose.
According to the Washington Post (WP), if the Billionaire stance promoted by the Democratic Party in the Senate is implemented, the tax revenue of 10 “super-rich”, including Musk, Bezos, and Facebook CEO Mark Zuckerberg, will be 276 billion dollars, and our money will be 322 trillion won. reported to be approaching That’s an enormous amount.
Musk, who currently ranks first in assets, will have to pay $50 billion (about 58 trillion won) in taxes on unrealized profits in the first five years after the law came into force. At present, it is one-sixth of the total wealth.
Musk tweeted about the wealth tax push, criticizing it as “the beginning of a stronger Democrat tax hike.” It would only make you angry to have your hard-earned money be taxed in an instant.
The WP points out that it is difficult to rule out the possibility that the Supreme Court will put a brake on the lawsuit due to bias in relation to the Democratic Party’s promotion of the wealth tax. That’s why there is growing interest in the outcome of the billionaire stance the Democrats and Bidens are pursuing.
Tesla and Musk ranked No. 1 in the world, but there are still more worries than expectations about the future. General Motors (GM) is calling for Tesla even if it is actively overthrowing, stating that it has recently secured competitiveness in the electric vehicle market. In addition to GM, mainstream traditional car makers such as Hyundai Motor Company and Volkswagen are also entering the EV market one by one. What other innovations and changes can Tesla show in the electric vehicle market, which will become such a fierce battlefield? The future is curious.
[추동훈 뉴욕 특파원 (chu.newyork@gmail.com)]
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