Elon Musk slams billionaire tax again
During the recent interview, Musk talked about the "billionaire tax" again.
He made it clear that even if all CEOs gave the government all of their money, it may not make a difference. Why? Because Musk believes the government wouldn't necessarily know how to spend it wisely, or at least not as wisely as some billionaires are already allocating it themselves.
First of all, I pay a lot of tax. My marginal tax rate is like 53%. That’s not trivial. Obviously, there’s asset-based taxes, the sales tax, and everything else. There’s also the estate tax. Generally, I think the estate tax is a good tax.
He added that when it comes to a ridiculous level of assets, to the point that there would never be any way to appropriately spend it all, there comes a point that the excess taxing is just simple "capital allocation." Musk continued:
It does not make sense to take the job of capital allocation away from people who demonstrate great skill in capital allocation, and give it to an entity that has demonstrated very poor skill in capital allocation, which is the government.
It's not the first time Musk slams on billionaire tax.![]()
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In October, he said taxing billionaires would only make a "small dent" toward paying off the U.S. national debt, arguing that the focus should be on government spending.
Read more: Elon Musk slams billionaire tax
Source: insideevs, WSJ
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barryallen22 : Ok
Conscious Leviathan :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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trojan1337 : ok
Revelation 6 : He’s right. The American government doesn’t make money or create businesses or jobs. It survives by taxing the people like a leach. Now the people are over taxed to pay for extreme spending that most can’t even understand. Our government miss-manages trillions of dollars every year with wasteful and pork spending. At least the billionaires know what money is and carefully manage it as they invest it in America. If the acted like the government there would be no billionaires. They would be broke too. A lot of this mis-spending is merely politicians giving money, in one form or another, to get votes in the next election.ie welfare, stimulus checks, child tax credits, earned income credit and more. And not having these people pay taxes at all. Billionaires have to make ends meet, the government doesn’t. They can just continue to raise taxes or better yet, make up new ones. Sad really. It’s way out of control. Now the spendocrates are making it even worse, they are making it seem normal and that’s scary. They are gutting the country of resources, money and individual rights with at least half the peoples approval. It’s just sad. smh.
搞经济 抄底 加仓 : Problem is not about the problem. Is problem solving the problem solving. It's not how to solve a problem, it's just the existence of a problem![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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LugiM4ster : Ok
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imlihluz : true
101569630 : agreed
iSpyderTrader : Well said. If government starts spending wisely, the debt can go away. raising tax is not the solution. Not saying billionaires should not be taxed, just that it is pointless if the books will be fudged at the end of the day. Instead of spending where it needs to be spent, it is being spent where it should not. Need to prioritize spending.
Just my $0.02. What is your thought?