Elon Musk doesn’t like democrats’ billionaire tax plan, which would possibly make him pay $10 billion in taxes.
“Eventually, they run out of other people’s money and then they come for you,” Musk wrote on Twitter on Monday. His words come after Democrats proposed a billionaire tax plan that would target American billionaires to fund a safety-net expansion.
“Who is best at capital allocation – government or entrepreneurs – is indeed what it comes down to,” Musk continued on Twitter. “The tricksters will conflate capital allocation with consumption.”
The tax plan would implement a tax on traceable assets like stocks that are held by about 700 billionaires. Their money would go toward building up healthcare, childcare and other government services, Yahoo! News reports.
“We always felt that billionaires’ income tax needed to have some symmetry,” said Sen. Ron Wyden, the chair of the Senate Finance Committee, “If you get gains, there should be an appropriate opportunity for losses.”
Exactly. Eventually, they run out of other people’s money and then they come for you.
— Elon Musk (@elonmusk) October 26, 2021