Joe Biden and his team in the White House are not batting a 1,000 or even close to it. The administration has been more focused on stripping Americans’ rights and freedoms under the guise of safety instead of protecting it. Now, they are upping the ante with a new proposed tax plan that has Elon Musk calling Biden out.
Earlier, this week Tesla CEO Elon Musk slammed the Biden administration’s proposed tax on unrealized capital gains. Musk warned Americans that the policy would set an extremely dangerous precedent, and he is exactly right.
The proposed tax would suck money from people’s stock gains before they are sold and would primarily only affect the wealthy billionaires of the world.
Of course, socialist 17-year-olds are cheering this since they have been taught that sharing is caring and that we need to tax the rich more.
However, these young kids are not seeing the bigger picture, heck not even young people there are even adults who don’t understand this. While at the moment Biden is saying this will only affect the super-duper rich it will only be a matter of time before they run of their money and need to come after everyone else’s.
There will be nothing to stop them since the precedent has already been set and that is what Musk is saying.
Responding to concerned citizen Rick McCracken’s tweet about the dangers of “scope creep” as it relates to new tax laws this week, Musk wrote, “Exactly. Eventually, they run out of other people’s money and then they come for you.”
Exactly. Eventually, they run out of other people’s money and then they come for you.
— Elon Musk (@elonmusk) October 26, 2021
McCracken had posted a letter template for those interested in writing to their congressional representatives regarding the proposal. The template goes as follows:
Dear (Senator or Congress Member’s name),
I expect you to oppose the Wyden proposal to tax unrealized capital gains. Although the proposal targets billionaires and not myself, the government of elected representatives have a track record of scope creep in writing new taxes. I anticipate that any new unrealized capital gains taxes will slowly make their way down to the middle-class retirement investments over the next several years. Then the modest investments will get hit possibly within a decade. Although principal residences and holdings in 401K plans apparently will be excluded, the Wyden proposal takes new tax hikes a step closer to imposing unrealized capital gains taxes on the average investor.
Thank you for your support.
McCracken tagged Musk and Amazon billionaire Jeff Bezos in the tweet.
Here is more from The Blaze:
Of course, as the world’s richest man, Musk’s opposition to the policy in many ways is expected, as he stands the most to lose from the implementation of the tax. But his reasoning is likely to resonate with many Americans who distrust politicians and already think the government taxes too heavily.
Also, Republicans stand opposed to the tax proposal because it is being floated as a way to pay for President Biden’s multitrillion-dollar social spending package.
Democrats hope the tax will generate at least $200 billion in revenue over a decade to help pay for the costly legislation, the New York Times reported.
The outlet noted the tax, which is being put together by Democratic Sen. Ron Wyden (Ore.), head of the Senate Finance Committee, “would affect people with $1 billion in assets or those who have reported at least $100 million in income for three consecutive years.”
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