Here's Why Elon Musk Disapproves of the New Billionaires' Tax

Published October 28th, 2021 - 07:00 GMT
Here's Why Elon Musk Disapproves of the New Billionaires' Tax
Under the new tax proposal, the world's two richest men, Elon Musk and Jeff Bezos, collectively would have been hit with a $100 billion one-time tax bill, payable over five year. (Shutterstock)

The richest person on earth, Elon Musk, took it to Twitter to express his disapproval of Senate Finance Chair Ron Wyden's latest proposal that aims at raising taxes on the wealthiest individuals in the U.S.

Elon Musk Tweet billionaires' tax
Source: Twitter

 

Wyden's draft legislation would apply a new tax, beginning in 2022, for individuals with at least $1 billion in assets or $100 million annual income in three straight taxable years. It would apply to about 700 people, according to Wyden’s office.

Although the proposal was released in detailed form on Wednesday morning, it was dropped in negotiations hours later. Wyden insists the billionaires’ tax plan isn’t dead, but talks have instead moved on to a possible 3% surcharge -- on top of the highest income tax rate -- for individuals earning more than $10 million.

Under the new tax proposal, the world's two richest men, Elon Musk and Jeff Bezos, collectively would have been hit with a $100 billion one-time tax bill, payable over five years, if the proposal had been approved, according to the Bloomberg Billionaires Index

According to Musk, the solution to the country's growing debt isn't in taxing the billionaires because he thinks the real problem is the government's spending.

In another tweet, Musk claimed that under the new tax proposal would only cover around 10% of the spending bill, so the rest will be collected from the public eventually.

Elon Musk Tweet billionaires' tax
Source: Twitter

It's worth noting that as of today, Musk's net worth is estimated at $292 billion, while Bezos' worth $196.3 billion according to the Bloomberg index


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