Musk took to Twitter on Monday and responded to a tweet that critiqued the Democrats’ scheme for a new billionaires’ tax to help pay for Biden’s social services and climate change plan.
The world’s richest man prophesied that the Democrats’ plan to tax the wealthy would eventually expand to include new levies on middle-class Americans. ‘Eventually, they run out of other people’s money, and then they come for you,’ Musk wrote in the tweet.
Earlier this year, it was reported that Musk and his rival, Jeff Bezos, have paid nothing in federal income tax in recent years.
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Musk's wealth accumulated an estimated $13.9billion between 2014 and 2018. He reported $1.52billion in total income and paid $455million in taxes. It equates to a 3.27 percent true tax rate. In 2018, Musk paid no federal income tax. The records show he paid $68,000 in 2015 and $65,000 in 2017.
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Democrats on the Senate Finance Committee, led by Senator Ron Wyden of Oregon, are prepared to roll out the tax revenue plan in a matter of days.
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Under Wyden's emerging strategy, the billionaires' tax would hit the wealthiest of Americans, fewer than 1,000 people.
It would require those with assets of more than $1billion, or three-years consecutive income of $100million, to pay taxes on the gains of stocks and other tradable assets rather than waiting until holdings are sold.
As it stands today, billionaires use large amounts of their money to buy assets such as stocks, which are currently only taxed when they are sold. The new plan would levy annual taxes on those assets for the ultra-rich while they're still in the hands of their owners.
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Wealthy people often use these currently-untaxed assets as collateral to obtain loans - a maneuver that allows them to pay significantly lower taxes.
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A similar billionaire's tax would be applied to non-tradable assets, including real estate, but it would be deferred with the tax not assessed until the asset was sold.
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Overall, the billionaires' tax rate has not been set, but it is foreseen to be at least the 20 percent capital gains rate.
Democrats have declared it could raise $200billion in revenue that could help fund Biden's package over ten years. Rick McCracken posted a tweet in which he warned against Wyden’s capital gains tax proposal.
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He posted a template of a letter that concerned citizens can use to send to their representatives in Congress to express opposition to the proposal. ‘I expect you to oppose the Wyden proposal to tax unrealized capital gains,’ the letter read.
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