CNBC: Billionaire Elon Musk, billionaire Warren Buffett and billionaire Bill Gates will get a windfall from the Trump administration’s tax reform proposal, according to the New York Times.
Musk’s wealth is expected to be worth $16.5 billion when it is distributed, according the paper.
Buffett’s is estimated at $10.6 billion.
The NYT estimates that the tax bill will increase the top tax rate to 39.6% from 35%.
The tax plan includes $2 trillion in corporate tax cuts over 10 years, $500 billion in health care savings, $2.4 trillion in investment tax relief, $300 billion in childcare tax cuts, $700 billion in job creation tax relief and $500 million in a $1 trillion tax-free credit for college students.
The NYT says the tax plan is likely to add $8 trillion to the deficit by 2027.
The tax bill also includes $400 billion in tax relief for people earning less than $1 million a year, the NYT says.