President Joe Biden has been crusading for a proposal to tax billionaires as a means of balancing the budgetary deficit. The president’s tweet about it caught the attention of Elon Musk, who is the world’s richest man.
“It’s about time the super-wealthy start paying their fair share,” Biden tweeted late Saturday.
For the unversed, Biden’s budgetary proposal for the fiscal year 2024 includes a minimal annual tax of 25% on the richest 0.01% of Americans.
Musk responded to the tweet in jest. “Please give him the password, so he can do his own tweets. Please, I’m begging you!” he said.
Turning to a serious note, Musk said he agreed that elaborate tax-avoidance schemes should be illegal. “But acting upon that would upset a lot of donors, so we will see words, but no action,” he added.
The Tesla CEO was apparently referring to wealthy donors who contribute significant campaign funds. American billionaires spent $881 million on the midterm elections last year, a report released by Americans for Tax Fairness in November revealed. George Soros was the single largest funder, contributing $128 million.
Musk also warned that the ultimate sufferers would likely be lower- to middle-income wage earners.
“Those who will actually be forced to carry the burden of excess government spending are lower to middle-income wage earners, as they cannot escape payroll tax,” he said.
© 2023 Zenger News.com. Zenger News does not provide investment advice. All rights reserved.
Produced in association with Benzinga
Edited by Arnab Nandy
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