Elon Musk Slams Biden Proposed Billionaire Tax Plan to Pay For Spending Package

Democrats are pushing a billionaire tax proposal to impose new taxes on unrealized capital gains on America’s wealthiest to pay for President Biden’s spending package.

Senate Finance Committee Chairman Ron Wyden (D-OR) unveiled the details.

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Politico reports:

Finance Chair Ron Wyden (D-Ore.) wants to begin requiring people with more than $1 billion in assets, or who earn more than $100 million in three consecutive years, to begin paying capital gains taxes each year on the appreciation in value of their assets, regardless of whether they are sold.

NewsmaxTV reported on the consequences of the billionaire tax proposal.

Critics blasted the proposal including Tesla CEO Elon Musk.

Democrats continue to make decisions without considering the consequences, including taxing unrealized capital gains which could drive the wealthy out of the U.S.

Does anyone believe this type of tax, once established, will stop with billionaires?