The CEO of american electric automaker Tesla and private aerospace company SpaceX, Elon Musk is the richest man of the World but his ultimate destination is yet to be reached.
His net worth is $300 billion which the enterpreneur want to invest to achieve great new heights with his firms. He wants to take humanity to Mars and also change the world into a better place with the most advanced technology and innovations.
Elon Musk is not an advocate of high taxation on the riches, instead he hates it. He is many times seen expressing his disappointments with the administration’s initiatives for the billionaire’s tax or high taxes on the riches.
Recently, Sen. Ron Wyden has introduced “billionaires income tax” to help pay for President Biden’s budget. The plan included imposing annual taxes on unrealized gains for those who held more than $1 billion in assets, or more than $100 million in income for three consecutive years, at the rate of capital gain tax of 20% and net investment income tax rate at 3.8%.
Elon Musk is not happy with the proposal. He recently blew past Amazon founder Jeff Bezos to become No.1 in wealth with the soaring Tesla shares and will be liable to one-time $50 billion tax with the democratic proposal. Elon Musk’s plan want to use his fortune to take humanity to Mars and preserve the light of consciousness. He thinks that taxes will lead to draining his wealth into useless purposes instead of investing it.
Musk also argued that the fundamental problem with the government is that they spend too much money achieving little. According to him, this proposal will also lead to tax hikes per American over time.
The US tax codes are full of loopholes, directing towards it, Elon Musk also tweeted, “Eventually, they run out of other people’s money, and then they come for you.”
Elon Musk also took a tussle with Senator Bernie Sanders when he demanded the “extremely wealthy pay their fair share”, and also stated that all of his income in his stocks and he has no cash. He replied, “I keep forgetting you’re still alive” and also made memes mocking him.
The Democrats proposal came with the growing concerns about vast economic inequality, with the wealth of many American multi-billionaires having accelerating at a high pace. But being rich is not a crime.
Elon Musk wants to convey that he has reached such great heights with hardwork and dedication and now wants to invest his money to develop advanced technology with Tesla and lead humans to Mars with his firm SpaceX. He thinks paying high taxes will lead to wastage of their fortune as government will not be able to invest it judiciously and thus he is against it.
