Elon Musk , the rich human being in the world and ego - proclaimed " Emperor of Mars " , has expressed some fairly beastly criticisms of a new broadsheet proposed by US Democrats , shoot for at taxing America ’s full-bodied individuals to fund health care , child care , and to fight climate change . presently atop a staggering pile of riches to the tune of almost $ 275 billion , Musk has lashed out at the proposed23.8 pct tax rateon all asset , state the bill will not adequately fund President Joe Biden ’s " Build Back good " scheme and will slow Musk ’s ultimate destination of order humans on Mars .
Of naturally , Musk would not be the only one bear upon , but he has certainly shouted the loudest . The wealthy 0.0005 percent of Americans would be direct , include anyone that either earned an income of $ 100 million a year for three straight years or has over $ 1 billion in assets , in what is thought to be a more balanced approaching to taxing the moneyed . This work out that about 700 people in the US would see an addition in tax on their wealthiness . The tangible kicker is the fashion in which the tax is calculated – billionaire would need to ante up 23.8 percent taxation on all capital gains from tradeable assets . This would mean each yr the billionaire would get taxed free-base on the market value of their assets , a pregnant variety to the tax system .
Previously , total tax was calculated from when assets are sell , ensue in many wealthy people paying small - to - no taxis while investments keep to fall profits . The White House release areportlast yr put forward that billionaires yield an average of just 8.2 percentage income revenue enhancement , a stark contrast to the 37 percent marginal income tax at the top of the medium American ’s revenue enhancement square bracket .
As theWashington Postreports , the tax rewrite would result in Musk , Jeff Bezos , and others paying substantial sums . Over the first five class , Musk , who recently blew past Bezos to take the top spot on the rich list , would pay as much as $ 50 billion in taxation , while Bezos would pay around $ 44 billion , making it rather obvious why the Twitter philippic has begin .
According to Elon Musk ’s Twitter , the money could be considerably drop by him . When face with the possible losses , Musk replied he think to use it to " take humanity to Mars " and to " preserve the light of human consciousness " ( whatever that means ) .
The note has been met with opinions from both sides , with some trust it was gamy time that billionaires give their fairish percentage , while others state the taxation will not cut through the necessary investment firm and the wealthy ’s philanthropic venture are sacrifice enough .
