The Democrats’ proposal came against the backdrop of growing concerns about vast economic inequality, with the wealth of many American multi-billionaires having accelerated during the COVID-19 pandemic, thanks to increased stock and home equity, even more than before the virus struck. And some have suggested it would be challenged in court. Republicans are unified in opposition to the proposal. Supporters have said the tax could raise $200 billion over 10 years that could help fund Biden’s legislative priorities. Under current law, such assets are subject to tax only when they’re sold. It would apply to fewer than an estimated 800 people, who would have to pay tax on the value of tradable items, like stocks, even if they don’t sell them. Ron Wyden, would tax the gains of people with either $1 billion or more in assets, or three consecutive years of income of $100 million or more, at the capital gains tax rate of 20% and the 3.8% net investment income tax rate. The Democratic proposal, unveiled Wednesday by Sen. “Eventually,” he tweeted Monday, “they run out of other people’s money, and then they come for you.” He may well get his wish, with the proposal removed from the White House framework.Įarlier this week, Musk argued, the fundamental problem is that government spends too much money - and he warned that the billionaire tax proposal could lead over time to tax hikes for more Americans. “My plan,” the SpaceX founder tweeted Thursday about his fortune, “is to use the money to get humanity to Mars and preserve the light of consciousness.”
1 in wealth thanks to Tesla’s soaring share price, would be liable for perhaps a one-time $50 billion tax hit under the Democratic proposal. Musk, who recently blew past Amazon founder Jeff Bezos as the world No. The proposal wasn’t included in President Joe Biden’sframework for the domestic policy package released Thursday, though that deal among Congressional Democrats isn’t final.
The idea behind the Democratic plan is to use revenue from a billionaires tax to help pay for a domestic policy package being negotiated in Congress that would, among other things, help combat climate change, provide universal prekindergarten and expand health care programs. With a personal fortune that is flirting with $300 billion, the Tesla CEO - the richest person on earth - has been attacking a Democratic proposal to tax the assets of billionaires like him.
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