Facing an annual tax bill of tens of billions of dollars? Musk strongly criticizes the “billionaire tax” plan
Tesla CEO Elon Musk tweeted and criticized a tax proposal by the Democratic Party of the United States, which will target billionaires in the United States to fund the expansion of the social security network.Musk said this represents the beginning of a new movement by the Democratic Party to redistribute the wealth of the richest Americans. Musk also warned that no one will be spared. He wrote: “In the end, they will come to you when they spend other people’s money.”
In another tweet, Musk said that any government-led redistribution of wealth should be better managed by the private sector. He wrote on Twitter: “Who is best at capital allocation-government or entrepreneur-this is indeed the crux of the problem.” “Scammers will confuse capital allocation with consumption.”
Musk is concerned about a proposal written by Ron Wyden, chairman of the Senate Finance Committee, which may be announced as early as Wednesday. The plan aims to levy taxes on tradable assets such as stocks held by about 700 billionaires, provide funds for the expansion of healthcare and childcare services, and continue US President Biden’s enhanced child tax credit policy.
A new analysis conducted by economist Gabriel Zucman shows that in the first five years of the tax implementation, Musk may face up to $50 billion in tax bills.
Musk’s wealth soared on Monday, increasing by $36.2 billion in just one day, setting a record for the fastest growth in personal wealth ever, reaching a staggering $288.6 billion, surpassing the market value of ExxonMobil or Nike.