Elon Musk has slammed President Joe Biden’s plan to tax billionaires’ income to pay for their proposed spending bill because the Tesla CEO saw their company’s value top $1trillion and his personal wealth boost by a single-day record associated with $36billion.
Musk took to Twitter on Monday and responded to a tweet that was essential of the Democrats’ idea for any new billionaires’ tax to help pay for Biden’s social services and climate change strategy.
The planet’s richest man predicted that the Democrats’ plan to tax the wealthy will eventually expand to include new levies upon middle class Americans.
‘ Eventually, they will run out of other people’s money and then they come for you, ‘ Musk tweeted.
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Earlier this year, it was revealed that Musk and his rival, Shaun Bezos, have in recent years paid nothing in federal income tax.
Musk’s prosperity grew an estimated $13. 9billion between 2014 and 2018.
He or she reported $1. 52billion as a whole income and paid $455million in taxes. It equates to a 3. 27 % true tax rate.
In 2018, Musk paid no federal government income tax. The records show he paid $68, 500 in 2015 and $65, 000 in 2017.
Democrats on the Senate Fund Committee, led by Senator Ron Wyden of Oregon, are prepared to roll out the taxes revenue plan in a matter of times.
Under Wyden’s emerging plan, the billionaires’ tax would hit the particular wealthiest of Americans, less than 1, 000 people.