Musk Attacks Plan For Higher Taxes On Billionaires

The Hill reports:

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 multi-trillion dollar reconciliation package.

Musk, who as of Monday had the highest net worth on Forbes’ 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.”

Exactly. Eventually, they run out of other people’s money and then they come for you.

— Elon Musk (@elonmusk) October 26, 2021

Who is best at capital allocation – government or entrepreneurs – is indeed what it comes down to.

The tricksters will conflate capital allocation with consumption.

— Elon Musk (@elonmusk) October 26, 2021