Hashtag Trending, June 10, 2021 – El Salvador courtroom approves Bitcoin legislation; IRS Reveals Billionaires Paid Little Earnings Tax; Biden revokes Trump’s TikTok ban
El Salvador officially introduces Bitcoin as legal tender, IRS data shows billionaires paid almost no income tax and Biden lifts Trump’s TikTok ban.
It’s all the business / tech news that’s popular right now. Welcome to hashtag trends! It’s Thursday June 10th and I’m your host, Tom Li.
El Salvador officially passed law to make Bitcoin legal tender. On Wednesday, President Nayib Bukele sent the bill to Congress for a vote. The country’s Congress voted for the law with a “super majority”, receiving 62 votes out of 84. Shortly after the vote, the Bitcoin price rose five percent. With this new law, prices can now be shown in Bitcoin and taxes can also be paid with the cryptocurrency. Even the president took to Twitter to celebrate the news. However, there is still some uncertainty within this law as Bitcoin is known to fluctuate in price.
WATCH: Legislators applaud as El Salvador officially passes historic Bitcoin law 👏 pic.twitter.com/Xo9GQQMp60
– Bitcoin Magazine (@BitcoinMagazine) June 9, 2021
According to the files obtained from ProPublica, IRS information showed that billionaires like Elon Musk and Jeff Bezos paid almost no income tax. The data covered the tax returns of some of the richest people in the past 15 years. The results showed that the 25 richest people paid 3.4 percent in taxes between 2014 and 2018, compared to 14 percent for the average household between 2014 and 2018. For example, Bezos, whose total income was reportedly $ 4.2 billion, paid just 0 , 98 percent actual taxes. Bezos was able to do this because his income was offset by investment deductions and losses. The data also shows that Musk did not pay federal income tax in 2018. That news comes as President Biden is pushing for higher taxes for wealthy Americans with the American Families Plan.
. @ ProPublica has obtained IRS data on thousands of America’s richest people, providing unprecedented insight into the finances of titans like Jeff Bezos, Elon Musk, Warren Buffett, Bill Gates, and Mark Zuckerberg. (Thread)
– ProPublica (@propublica) June 8, 2021
And finally, President Biden lifts Trump’s TikTok and WeChat ban. The order also lifted bans on eight other communication apps. He replaced it with a new regulation that requires a comprehensive examination of foreign applications that could endanger the data security of the country. The ban replaces former President Trump’s order to block the apps and prevent US companies from working with Chinese companies TikTok and ByteDance. However, this law failed as it was never approved due to legal challenges. The new deal will also allow the Department of Commerce to provide further recommendations and legal guidance.
EASY TO: Pres. Biden signs an executive order repealing a Trump-era order aimed at banning TikTok.
Biden’s order calls for a full review of foreign-owned apps and orders officials to provide reports on apps’ risk to personal data and national security. https://t.co/zrhlKV1S6h
– NBC News (@NBCNews) June 9, 2021
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