Wyden slams Musk over Telsa stock survey: ‘it’s time for billionaires’ income tax’

Its. Ron WydenRonald (Ron) Lee Wyden Billion Dollar Tax Proposal Would Raise 7B: JCT 0.3 Percent Investment Able To Make A Difference In Elder Abuse Prevention Manchin Doubles As House Of Representatives Puts Paid Leave On Bill of expenses PLUS (D-Ore.) Tore apart the CEO of Tesla and SpaceX Elon muskElon Reeve MuskHillicon Valley – TSA Cyber ​​Mandates Cause Setback New York City Mayor-Elect Says He Will Accept First Three Payments in Bitcoin Judge Rules Against Bezos’ Blue Origin in Module Contract Lawsuit moon landing PLUS Saturday after Musk proposed to sell a percentage of his shares on Twitter.

Musk’s earlier tweet appeared to be a response to a proposal Wyden suggested aimed at taxing billionaires.

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“There’s been a lot of talk lately that unrealized gains are a form of tax avoidance, which is why I’m proposing to sell 10% of my Tesla stock. Do you support this? “Musked asked in a poll posted to Twitter on Saturday.

“Whether or not the richest man in the world pays taxes should not depend on the results of a Twitter poll. It’s time for billionaires’ income tax, ”Wyden, chairman of the Senate Finance Committee, responded in a statement issued Saturday night.

Late last month, Wyden launched a proposal to be included in the Democrats’ social spending bill as a way to help pay for some of the bills proposed in the legislation. The tax proposal would tax billionaires’ investment earnings annually.

“We have a historic opportunity with the Billionaires Income Tax to restore fairness to our tax code and fund critical investments in American families,” Wyden said in a statement at the time.

The tax proposal would affect about 700 taxpayers who have income of more than $ 100 million for at least three years in a row or who have assets worth more than $ 1 billion.

In the proposal, marketable investment and non-marketable assets would be valued differently. In the case of negotiable investments, those affected by the policy would claim deductions on the losses and pay taxes on the investment gains each year.

For scenarios that include real estate and other types of non-marketable assets, once taxpayers sell their assets, they could pay regular capital gains taxes and an additional fee.

Preliminary estimates from the policy’s Joint Tax Committee (JCT) indicated that it would have generated $ 557 billion over the span of a decade, however, it was ultimately not included in a framework proposed by the White House.

Musk has previously criticized the policy, claiming that it would gradually start targeting other taxpayers later on.

The House has yet to approve the $ 1.75 trillion social spending package built on the framework published by the White House. The lower house approved a $ 1.2 trillion bipartisan infrastructure approval on Friday.


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