Elon Musk Criticizes Biden's Tax Increase, Predicts Rich Will Escape Action...

Elon Musk, the billionaire CEO of Tesla Inc, expressed his belief that President Joe Biden's proposal for higher taxes on the super-rich will negatively impact lower-to-middle-income individuals, as reported by Bloomberg. Musk argued that the burden of these taxes would fall on those with modest incomes.

In a Twitter statement, Musk conveyed his agreement with the idea of prohibiting complex tax-avoidance strategies. However, he expressed skepticism that meaningful actions would be taken due to potential displeasure from donors, suggesting that there might be mere rhetoric without tangible implementation.

Musk highlighted that it is the lower to middle-income workers who will bear the weight of excessive government spending, as they are unable to evade payroll taxes.

Musk's tweet was a direct response to Biden's statement that it is necessary for the extremely wealthy individuals to contribute their fair share in taxes.

During his campaign event in Philadelphia, President Biden urged union workers to back his bid for re-election and advocated for implementing fresh taxes on affluent individuals and corporations.

According to Biden, although the United States now has approximately 1,000 billionaires, they only contribute around 8% of their income in taxes.

Biden emphasized that billionaires, in comparison to schoolteachers, firefighters, and likely everyone present, pay taxes at a lower rate. He emphasized the need for them to pay a minimum tax, stating that he doesn't have a problem with them being billionaires as long as they contribute their fair share.