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- Elon Musk says that President Joe Biden’s plan to tax wealthy people won't be well received by "a lot" of donors.
- Musk said a wealth tax could become a burden to lower-to-middle-income earners.
- In the past, the billionaire has been against a tax on billionaires.
Elon Musk poked fun at the plans of President Joe Biden to tax the wealthy in a Saturday tweet.
On Saturday, the President tweeted that it was "time for the super-rich to start paying their fair shares." A little over an hour later, the tech magnate that stands among the richest men in the world replied that a wealth tax could become a burden to lower-to-middle-income earners.
Musk tweeted, "I agree we should make tax-avoidance plans illegal. But acting on that would upset many donors. So we will hear words but not action." Musk was apparently referring to Democratic Party donors.
In the 2020 elections, billionaire donors contributed over $2.3 billion to both parties. According to Forbes, Biden received money from 230 billionaires and partners of billionaires.
Musk tweeted on Saturday that those with lower and middle incomes will be the ones who are forced to bear the burden of excessive government spending, since they can't escape payroll tax.
Biden's Tweet came after his Philadelphia campaign rally, where the President called on union workers to support him in his re-election as well as increased taxes on billionaires.
Biden, in a speech at the rally said: "It's about time they paid the minimum tax." I don't care if they are billionaires. "Pay your fair share man."
Biden had proposed an estimated 25% minimum tax on billionaires earlier this year.
The Twitter owner joked on Saturday that Biden, who is 80 years old, does not control his own social media accounts.
Musk responded to Biden's tweet by saying, "Please give him his password so that he can make his own tweets." "Please, I beg you!"
Musk has previously spoken out against taxing the ultra-wealthy. He criticized a tax plan in 2021 that would have cost him $10 billion a year.
He wrote in October 2021 on Twitter: "Eventually, they will run out of money from other people and then they will come after you."
Later that year, he stated that he was in favor of an inheritance tax for high-net worth individuals.
Musk stated that he had paid federal taxes of about $11 billion by 2021. CNN reports that Tesla paid no federal taxes in the year 2021. Electric-car manufacturer Tesla is expected to make billions from economic incentives signed by the Biden Administration last year.
Tesla's CEO, despite saying that he voted in favor of Biden, has been critical since the president took office. He called him a "wet sock puppet" and criticized Biden repeatedly for not praising Tesla.
The billionaire isn't one to be shy on Twitter. Musk has to submit some tweets for lawyer review as part of an agreement reached with the Securities and Exchange Commission regarding the Tesla CEO's tweet "funding secured".
Musk didn't respond to an Insider request for comment before publication.
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By: gkay@insider.com (Grace Kay)
Title: Elon Musk says Biden’s desire to tax the ultra-rich would ‘upset a lot of donors’
Sourced From: www.businessinsider.com/elon-musk-joe-biden-plan-tax-rich-upset-democratic-donors-2023-6
Published Date: Tue, 20 Jun 2023 00:20:22 +0000
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