Elon Musk rips Democrats' billionaire tax plan that could slap him with a $10 billion annual bill

[Yo_Mama_Been_Loggin]

Tesla founder Elon Musk on Monday evening criticized a Democratic tax proposal that would target American billionaires to fund a safety net expansion.

"Eventually, they run out of other people's money and then they come for you," he wrote on Twitter.

Link to tweet

In a separate tweet, Musk insisted that any government-induced reallocation of wealth would be better managed by the private sector.

"Who is best at capital allocation - government or entrepreneurs - is indeed what it comes down to," he wrote on Twitter. "The tricksters will conflate capital allocation with consumption."

https://www.msn.com/en-us/news/politics/elon-musk-rips-democrats-billionaire-tax-plan-that-could-slap-him-with-a-dollar10-billion-annual-bill/ar-AAPYydc

[Kid Berwyn]

1. A real patriot.

The “Uncle Sam, protect my loot” kind.

[Walleye]

2. He's a prick

[GoCubsGo]

7. As is Rick McCrackhead.

[Walleye]

8. Yeah I'm totally worried the government is going to come after my unrealized capital gains

I’m just happy to get a 6% raise on Social Security. Wealthy people don’t know what it’s like to deal with the piddling amounts of money most of us have to get by on. I’ve always said complaining about taxes it’s just another way of bragging about your income

[zaj]

3. Radicalized authoritarian says what?

[larwdem]

4. well

fuck that guy

[Budi]

5. He's now a trillionare. He should pay more than 10 million.

Oh well Elon, you'll be safe in Texas.

[musette_sf]

6. "Eventually, they run out of other people's money"

as in, the TAXES that those Other People are paying to cover your grifting non-taxpaying ass.

[GoCubsGo]

9. Says the guy whose business only exists because of other people's money.

And, who pissed most of his stockholders' money away on multiple occasions. Tesla was within a month of bankruptcy last year alone. Fuck that guy.

[dalton99a]

13. +1. He's probably the biggest corporate welfare queen ever

His wealth was made possible by taxpayer money

[Sherman A1]

10. Cry me a river

[dalton99a]

11. "The purpose of government is to serve ME and give me MORE tax breaks and government contracts"

[fescuerescue]

12. Just have the government seize his factories

Then we can have American made electric cars made by the Federal Government.

Maybe have NASA take over the facilities. NASA could certainly put Space X to work.

Then everybody wins!

[Mr. Sparkle]

14. I feared when he moved to Texas, he would get inducted into their cult

So Fuck Texas. The sooner when stop using oil the better.

[ProfessorGAC]

15. It's Not Going To Pass Anyway

So this is grandstanding faux patriotism on Musk's part.
There would never be the political will in the Senate to tax asset growth, absent realized gains.
Although, that would require some disposition of stocks to cover the tax bill which expands the investor base, and it's fiscally prudent, Wyden will never muster the votes.

[sarcasmo]

16. I prefer taking money from the government, not paying taxes.

[LiberalFighter]

17. Raise it to $20 billion.

[SWBTATTReg]

18. So paying 4% of his $250 billion dollar fortune is too much? And also, just when do these people

ever sell their stocks, resulting in capital gains, thus subject to the current tax code (on realized capital gains/losses)? These people w/ this kind of money will borrow money, get money for their living expenses etc. w/o ever ever selling their stocks/shares/etc. This money is never ever taxed literally forever, including at death, the estate can be passed w/ no inheritance taxes either (the last I heard on 'death' taxes).

4%...he's moaning and complaining about 4%...and where are these other people that have shared in his private sector is best suited to reallocate wealth? He forgets the role of government, to allocate scarce funds into programs that do help those disadvantaged, those on Social Security, etc.

Because of this pathetic attitude (and selfish), I lost all respect for him, I used to kind of like him, but no more.

[2naSalit]

19. Love it or leave it, sport.

Fuck elon musk, that fucking assbite.

[Yo_Mama_Been_Loggin]

20. Democrats' billionaire tax would heavily target 10 wealthiest Americans, but alternative plan is

emerging

Senate Democrats this week are preparing to propose a new tax increase that would raise billions of dollars from a handful of the richest Americans, attempting to create perhaps the most narrowly focused tax policy in postwar history.

But criticisms of the proposal have emerged — including from at least one top Democrat — and party leadership is still considering more traditional approaches to taxing the rich.

Senate Finance Committee Chairman Ron Wyden (D-Ore.) said Monday he will “in a matter of days” release a tax on billionaires that economists and tax experts project could raise more than half of its revenue from just 10 people, including Tesla co-founder and CEO Elon Musk and Amazon founder Jeff Bezos. (Bezos is the owner of The Washington Post.) Estimates vary widely on exactly how much money the plan would bring into federal coffers, in part because no such idea has ever been put into effect.

While Democrats have increasingly eyed the plan as a way to win the support of Sen. Kyrsten Sinema (D-Ariz.), who has expressed opposition to increasing the corporate tax rate, some legal scholars have warned it could get struck down by the Supreme Court. And while negotiations are rapidly evolving, Democrats are considering swapping the billionaire tax for a separate 3 percent “surtax” on millionaires earning more than $5 million per year, according to two people familiar with the negotiations who spoke on the condition of anonymity to reflect internal negotiations. Details remain very much in flux.

https://www.washingtonpost.com/us-policy/2021/10/26/billioniare-tax-dems-biden/