“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.
Tesla co-founder and CEO Elon Musk took to Twitter in response to a Washington Post story promoting the Democrat tax plan, which featured him as the cover photo. 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 NASA and space industry reporter Christian Davenport seemingly celebrated how the “$50 billion” Musk would pay in addition to the “$44 billion” Post owner 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. Where will the other 90% come from? The answer is you.”
According to their own estimates, this tax only covers ~10% of the $3.5 trillion spending bill.
— Elon Musk (@elonmusk) October 27, 2021
Where will the other 90% come from?
The answer is you.
But Musk wasn’t finished. He 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.”
US national debt is ~$28,900 billion or ~$229k per taxpayer.
— Elon Musk (@elonmusk) October 27, 2021
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. This is basic math.
Spending is the real problem.https://t.co/1EwWyqdVsT
Musk dropped some more facts by 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: “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.”
He continued: “So no new resources added but more money added. Just means 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.
— Matt Wallace (@MattWallace888) October 28, 2021
So no new resources added but more money added. Just means more inflation.
The Heritage Foundation also said Musk “was right” and stated that President Joe Biden himself “admitted” as much in previous remarks.
He’s right 🤷🏻♀️
— Heritage Foundation (@Heritage) October 28, 2021
Biden even admitted it in remarks last week (1/2) https://t.co/pfWv9VRETh
Gerber Kawasaki Wealth and Investment Management President and CEO Ross Gerber hammered home Musk’s point about the national debt: “The deficit projections just for the next 5 years are almost $10 tril in more debt. It's insane.”
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 under attack. 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.
