(Pelhamplus) - Elon Musk slammed the proposed wealth tax of President Joe Biden that will leave billionaires in the country with a minimum tax of 25% as a fair share despite continuously giving billions of donations to several parties, which will probably upset lots of them.
According to reports from Yahoo News, billionaires already spent more than $2.3 billion during the 2020 election, leading to Musk claiming that the administration is only coming for their money with the wealth tax despite receiving funding from their wallets.
Before the current wealth tax proposal, the Biden administration had already introduced a tax plan that would have left Musk paying a tax bill of approximately $10 billion yearly, claiming that the big amount would not hurt billionaires.
Proposed Wealth Tax to Affect Lower to Middle-Income Taxpayers Receives Mixed Reactions
Following the proposed wealth tax that would affect lower to middle-income taxpayers, individuals who expressed their disagreement with the plan, including Musk.
Although Musk admitted to supporting an inheritance tax that will affect high-income taxpayers, he claimed that the wealth tax would later burden lower-income taxpayers as they would be forced to carry the excess spent by the administration.
By Jesselyn Mirandilla
June 20, 2023
