Elon Musk has slammed Democrats in his tweet about a proposal they are working on that would tax Americans’ unrealized capital gains.
The proposal for the new tax has gotten anger in the wake of Democrat Senator Kyrsten Sinema (AZ) opposing increasing individual and corporate tax rates to fund President Biden’s huge multi-trillion dollar social agenda bill.
The NY Times reported:
“Billionaires could now be taxed on the unrealized capital gains in their liquid assets, Democratic officials stated yesterday. It would affect those with $1 billion or people who reported $100 million in funds for three years in a row, according to news reports. That would get maybe 700 taxpayers — or the top 0.0002 percent — but Dems are hoping it would bring in at least $200 billion in funds over ten years. It would not only cover stocks, but also other assets such as real estate.”
Musk criticized this plan in his tweet that came in reply to a sample letter that someone published online that gave a template for what people should convey to their elected leaders.
The letter said:
“I expect you to be against the new Wyden tax proposal Americans’ unrealized gains. Although the proposal is aimed at billionaires and not myself, this government has a history of scope creep when forming new taxes. I expect any new unrealized capital gains taxes will slowly reach the middle class and retirement investments eventually. It will start on billionaires, then hit millionaires, then the small investments will then get hit possibly within ten years. Although 401Ks and principle residences are supposedly excluded, the Wyden proposal takes these tax hikes a step closer to enforcing unrealized capital gains taxes against the average investor.”
“Exactly,” Musk, who is the richest person in the world, said. “Eventually, they don’t have anymore of the other person’s money and then they come after you.”
Exactly. Eventually, they run out of other people’s money and then they come for you.
— Elon Musk (@elonmusk) October 26, 2021
Tilman Fertitta, the Houston Rockets owner, also warned this week that if the Democrats’ plan was passed it would destroy capitalism in the United States.
When asked about the extreme tax during his Fox News discussion, Fertitta stated that if it succeeds it would “make me stop building as much as I do now.”
“And then you are paying so many types of taxes,” he said. “Every employee must pay payroll taxes, and your sales taxes, all of these taxes they pay. It is really a mistake. It is a social way of not doing anything in the country. It is the European way. America’s great capitalism will end.”
Author: Scott Dowdy