Elon Musk Blasts Democrats’ “Billionaire Tax” Proposal

Democrats proposed a tax on unrealized capital gains to fund their social spending bill. Elon Musk and others are pushing back.


Congressional Democrats are turning to a specific tax on billionaires’ wealth to fund their massive social spending bill.


reporting from the left side of the aisle




Author’s Take

A tax on unrealized capital gains is unworkable and unconstitutional. What happens when a billionaire loses capital wealth? Do they get a tax credit?

Musk is right that we should be concerned about the eventual expansion of such a tax. The Alternative Minimum Tax was implemented as a brash reaction to a report of 155 families who had paid no tax at all in the late 1960s. Before the 2018 tax cuts, roughly 5 million households were affected by the AMT.

Return to Freespoke Freespoke.com

© Dallas Gerber, 2021