Should billionaires pay the same income portions as everyone else? 🤔
Elon Musk is at it again on Twitter, this time taking shots at the White House's plan to impose a"billionaires' tax" in the U.S.SpaceX & Tesla would probably have died," if there was a similar tax initiative in 2008, as"both narrowly escaped bankruptcy in 2008."The White House's"Billionaire Minimum Income Tax", included in Biden's fiscal budget proposal for 2023, outlines a 20 percent minimum tax on any U.S.
Though Biden's proposal highlights this extra tax income as a source of revenue for vast social spending programs, American Enterprise Institute fellow James Pethokoukis, who wrote a blog on the subject, believes the benefits are outweighed by the damage it can cause businesses and the knock-on effect that can have for the economy.
In his message, Musk responded to a Pethokoukis' blog post, which details University of Chicago economist Steven Kaplan's argument that both SpaceX and Tesla would have failed in 2008 if Elon Musk had had to pay out $60 million due to an equivalent billionaires' tax.— Elon Musk
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