“Spending is the real problem,” said the world’s richest man when he dismantled the logic behind the Democratic Party’s latest class warfare tax-the-rich scheme.
Elon Musk is the Tesla founder and CEO. He took to Twitter after being asked about the tweet. Washington Post Story promoting the Democrat tax proposal, featuring him as the cover photograph. The Post said the proposal “would raise billions of dollars from a handful of the richest Americans, attempting to create perhaps the most narrowly focused tax policy in postwar history.” Post Christian Davenport, a reporter for NASA and the space industry appears to be at it celebrated how the “$50 billion” Musk would pay in addition to the “$44 billion” Post Eigentümer Jeff Bezos would pay in five years under the plan “could pay for a Mars mission.” Musk clapped back: “According to their own estimates, this tax only covers ~10% of the $3.5 trillion spending bill. The question is, where will the rest 90% of that $3.5 trillion spending bill come from? The answer is you.”
Based on their estimates, the tax covers only 10% of $3.5 trillion in spending bills.
From where will the remaining 90% of them come?
You are the answer.
— Elon Musk (@elonmusk) October 27, 2021
But Musk wasn’t finished. Musk continued to work. proceeded to point out to Davenport that the U.S. National Debt was “~$28,900 billion or ~$229k per taxpayer.” Specifically, said Musk, “[e]ven taxing all ‘billionaires’ at 100% would only make a small dent in that number, so obviously the rest must come from the general public. This is basic math.” In his estimation, “Spending is the real problem.”
The US’s national debt amounts to $28.900 billion, or $229k for each taxpayer.
Even taxing all “billionaires” at 100% would only make a small dent in that number, so obviously the rest must come from the general public. It’s basic math.
Spending is the real problem.https://t.co/1EwWyqdVsT
— Elon Musk (@elonmusk) October 27, 2021
Musk shared some additional facts noting that “US Federal Debt/GDP was 56% in 2000, now it is 126% & climbing fast.”
US Federal Debt/GDP was 56% in 2000, now it is 126% & climbing fast
— Elon Musk (@elonmusk) October 27, 2021
Twitter erupted.
Crypto Youtuber Matt Wallace tweeted in agreement with Musk, stating: “It’s true! Also, even if taxes were hiked on the rich… most rich people would still spend about the same amount per year because most of that wealth is just sitting in untouched investments anyway.”
He continued: “This means that there is no need to add new resources, but money can be increased. This is just more inflation.”
Exactly! Also, even if taxes were hiked on the rich… most rich people would still spend about the same amount per year because most of that wealth is just sitting in untouched investments anyway.
So no new resources added but more money added. Just means more inflation.
— Matt Wallace (@MattWallace888) October 28, 2021
Heritage Foundation said Musk “was right” and stated that President Joe Biden himself “admitted” as much in previous remarks.
He’s right 🤷🏻♀️
Biden even admitted it in remarks last week (1/2) https://t.co/pfWv9VRETh
— Heritage Foundation (@Heritage) October 28, 2021
Ross Gerber, President and CEO of Gerber Kawasaki Wealth and Investment Management hammered home Musk’s point about the national debt: “Just for the next 5 year, it is projected that there will be a deficit of almost $10 billion more in debt. It is absurd.”
The deficit projections just for the next 5 years are almost $10 tril in more debt. It’s insane.
— Ross Gerber (@GerberKawasaki) October 27, 2021
Conservatives are being attacked. Contact ABC News (818-460-7477), CBS News (212-975-3247) and NBC News (212-664-6192) and demand they report the truth on the terrible economic implications of the left’s tax-and-spend agenda.
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