While the tax bill on billionaires in the USA remained on the agenda, Elon Musk, the richest person in the world, also reacted to the bill.
The world’s richest person, Elon Musk, said he plans to use his money to “reach to Mars and protect the light of reason,” as Democrats focus on the “tax on billionaires” that could hit his own fortune the hardest.
Tesla CEO Musk responded to the tweet that the tax bills, which could reach $ 50 billion and $ 44 billion in the next five years, could be used for a mission to Mars. With the effect of the strong increase in Tesla shares, Musk, whose net worth reached $ 292 billion, made statements against the billionaires tax via Twitter.
In a previous tweet, Musk noted that the real problem is spending, and that imposing a 100 percent tax on all billionaires will only have a “small impact” on the US national debt.
In another tweet, Elon Musk stated that the unrealized capital gains tax proposal targeting billionaires could be extended to the middle classes sooner or later, and said, “Sooner or later, they will consume other people’s money and then come to you.”
Taxation on Billionaires is Under Discussion
Among the remedies Democrats are seeking to offset the cost of President Joe Biden’s $2 trillion social spending plan and enact many of the party’s long-term goals is raising taxes on the high-income. But the Democrats have not agreed on how to do this, and this poses one of the many problems the party has struggled to reach agreement with as negotiations continue.
The ‘tax on billionaires’ plan, devised by Senator Ron Wyden and others, targets a narrow segment of the super-rich class with at least $1 billion in assets or $100 million in income for three consecutive years.