Elon Musk Speaks Out Against President Biden's Proposed Tax Increase

Elon Musk, the world's wealthiest person and CEO of Tesla Inc., recently spoke out against President Joe Biden's proposed tax increase for the super-wealthy, stating that it would only harm low-to-middle income groups. Mr. Musk suggested that illegal tax-avoidance schemes should be eliminated, but he believed that there would be no real action in this direction. He tweeted, "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." This comment was in response to President Biden's tweet earlier, stating that the wealthy should start paying their fair share of taxes. In Philadelphia, during his campaign rally on Saturday, President Biden called for new taxes on the wealthy and corporations, while appealing to union workers to support his reelection campaign. The US has around 1,000 billionaires who pay only 8% of their income in taxes, according to Biden. He argued that they paid a lower tax rate than schoolteachers and firefighters, stating, "It's time they paid a minimum tax. I don't mind them being billionaires. Just pay your fair share, man." Elon Musk's comments may resonate with those who believe that increased taxation on the rich could lead to more harm than good, especially for lower-income workers. The idea is that if top earners are burdened with too many taxes, they may reduce their investment in businesses and other projects, thereby reducing job opportunities and negatively impacting the economy. This is a common conservative argument against higher taxes, and it is no surprise that a CEO like Mr. Musk would share similar views.See omnystudio.com/listener for privacy information.