Elon Musk, the world’s richest person and head of electric car maker Tesla, said President Joe Biden’s call to increase taxes on the ultra-wealthy Americans would have nothing but dire consequences.
I agree we should make large scale tax avoidance schemes illegal, Musk said in a tweet, but acting in line will create discontent among many donors, so we will see words but no action.
Those who will actually be forced to shoulder the burden of excess government spending are lower-to-middle-income wage earners, because they can’t evade the Social Security tax.
The comments come at a time of heated debate over Norway’s top tax, with a particularly high wealth tax causing many individuals to “flight” the country due to a lack of cash to cover their tax bills.
requires a “fair share”
Musk was commenting on a tweet in which President Biden wrote that it was time for the rich to start paying their money fair share.
At a campaign event in Philadelphia on Saturday, Biden urged union workers to support his re-election and called for new taxes on the wealthy. He stated, among other things, that although the number of billionaires in the United States has grown to about 1,000, they pay about eight percent of their income in taxes.
– They pay a lower tax rate than teachers, firefighters, and probably anyone in this room. It is time for them to pay minimum taxes. I don’t mind that they are billionaires. Just pay your fair share, man, said Biden.
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