Elon Musk rips Democrats’ billionaire tax plan

Source: The Hill | October 26, 2021 | Mychael Schnell

Tesla and SpaceX CEO Elon Musk ripped the Democratic proposal for an annual tax on billionaires’ investment gains on Monday as lawmakers consider the tax as a way to fund the party’s multitrillion-dollar reconciliation package.

Musk, who as of Monday had the highest net worth on Forbes’s list of billionaires, replied to a tweet featuring a photo of an email template constituents can send to their lawmakers to oppose the tax.

The letter, which is meant to be addressed to a congressional lawmaker, says, “I expect you to oppose the Wyden proposal to tax unrealized capital gains.”

“I anticipate that any new unrealized capital gains taxes will slowly make their way down to middle class retirement investments over the next several years. It will start with billionaires, then eventually millionaires, then the modest investments will get hit possibly within a decade,” the letter adds.

Musk appeared to agree with the contents of the letter, replying in a tweet, “Exactly. Eventually, they run out of other people’s money and then they come for you.”

In a separate tweet on Monday, Musk responded to an account that wrote, “I’d rather let @elonmusk allocate capital than Janet Yellen.”

“Who is best at capital allocation — government or entrepreneurs — is indeed what it comes down to,” Musk tweeted in reply.

“The tricksters will conflate capital allocation with consumption,” he added.

The CEO’s comments come as Democrats on Capitol Hill are hashing out the final details of their spending package, including how to pay for its contents.

Musk is specifically taking issue with Senate Finance Committee Chairman Ron Wyden’s (D-Ore.) proposal to levy a tax on billionaires’ unrealized capital gains.

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  • Consistent October 27, 2021 at 11:26 am #50569

    Consistent October 27, 2021 at 4:53 pm #50571


    Sen. Joe Manchin (D-W.Va.) on Wednesday said he doesn’t like the idea of targeting only the 700 wealthiest Americans to pay for a big chunk of the Democrats’ spending package, raising doubts over a newly proposed tax on billionaires.

    “I don’t like it. I don’t like the connotation that we’re targeting different people,” Manchin told reporters when asked about the new tax proposal sponsored by Senate Finance Committee Chairman Ron Wyden (D-Ore.) that would hit billionaires and people who earned $100 million or more in three consecutive years.

    Manchin argued that the ultra-wealthy “bring a lot of jobs, invest a lot of money and give a lot to philanthropic pursuits.”

    “There’s a lot going on. There’s a lot going on with that. It’s very convoluted,” he said when asked about Wyden’s proposal.

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