SpaceX and Tesla CEO, and the owner of Twitter, Elon Musk, at the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre on June 16 in Paris, France. Musk has warned that a 'super-wealthy tax' is likely to ultimately hit lower- to middle-income wage earners the most. (Photo by Chesnot/Getty Images)
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.
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Edited by Arnab Nandy
