Elon Musk spoke out against the Democrats’ new plan to levy a hefty tax on billionaires in a last ditch attempt to pass their massive infrastructure and reconciliation bills.
As The Hill reports:
Tesla and SpaceX CEO Elon Musk ripped the Democratic proposal for an annual tax on billionaires’ investment gains on Monday as lawmakers consider the tax as a way to fund the party’s multitrillion-dollar reconciliation package.
Musk, who as of Monday had the highest net worth on Forbes’s list of billionaires, replied to a tweet featuring a photo of an email template constituents can send to their lawmakers to oppose the tax.
The letter, which is meant to be addressed to a congressional lawmaker, says, “I expect you to oppose the Wyden proposal to tax unrealized capital gains.”
“I anticipate that any new unrealized capital gains taxes will slowly make their way down to middle class retirement investments over the next several years. It will start with billionaires, then eventually millionaires, then the modest investments will get hit possibly within a decade,” the letter adds.
Exactly. Eventually, they run out of other people’s money and then they come for you.
— Elon Musk (@elonmusk) October 26, 2021
Musk’s company Tesla surpassed one Trillion dollars in market capitalization earlier in the week, in the process driving Musk’s estimated net-worth to well over 200 billion dollars.