Elon Musk has slammed President Joe Biden’s plan to tax billionaires’ income to pay for his proposed spending bill as the Tesla CEO saw his company’s value top $1trillion and his personal wealth increase by a single-day record of $36billion.
Musk took to Twitter on Monday and responded to a tweet that was critical of the Democrats’ idea for a new billionaires’ tax to help pay for Biden’s social services and climate change plan.
The world’s richest man predicted that the Democrats’ plan to tax the wealthy will eventually expand to include new levies on middle class Americans.
‘Eventually, they run out of other people’s money and then they come for you,’ Musk tweeted.
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Earlier this year, it was revealed that Musk and his rival, Jeff Bezos, have in recent years paid nothing in federal income tax.
Musk’s wealth grew an estimated $13.9billion between 2014 and 2018.
He reported $1.52billion in total income and paid $455million in taxes. It equates to a 3.27 percent true tax rate.
In 2018, Musk paid no federal income tax. The records show he paid $68,000 in 2015 and $65,000 in 2017.
Democrats on the Senate Finance Committee, led by Senator Ron Wyden of Oregon, are prepared to roll out the tax revenue plan in a matter of days.
Under Wyden’s emerging plan, the billionaires’ tax would hit the wealthiest of Americans, fewer than 1,000 people.