In a textbook Communist fashion the administration of Democrat President Empty Shelves Joe Biden has come up with the ultimate populist measure: slap a massive tax on America’s 700 billionaires in order to pay for the Democrats’ lavish “Build Back Better” spending package.
The easy-fix, populist Communist plan
The package’s price tag has already been reduced from the whopping original $3.5 trillion to the still excessive under $2 trillion, according to reports, after staunch opposition from moderate Democrat Senators Joe Manchin and Kyrsten Sinema who had the decency of being overwhelmed by the thought of the US government pouring that kind of taxpayer money for nannies or whatever other Commie pork-barrel spending is in there.
The progressivist “geniuses” running the administration and the life of Sleepy Joe and their colleagues in Congress led by the vile Alexandria Ocasio-Cortez and Nancy Pelosi have all figured out: “Hey, it’s down anyway, let’s tax just the hyper-rich – the public will naturally be supportive of that!”
What they are, naturally, getting wrong, is that there are certain principles when it comes to taxation – even when you want to tax just the billionaires.
You cannot just play Robin Hood and steal from the rich to give to the poor.
Although every time Communists like these have vowed to do that, they end up embezzling just for themselves the money they steal for the poor.
Of course, the billionaires could be expected to be against an arrangement in which they would be taxed more – but Tesla and SpaceX founder and CEO Elon Musk has spoken out to give rational reasoning for his opposition.
His condemnation of the Biden administration’s plan to tax billionaires’ income came just as Tesla hit a $1 trillion valuation, after a giant sale contract with car rental company Hertz, and Musk’s personal wealth on paper skyrocketed to $288 billion, growing by $36 billion in a single day.
On Twitter, the Tesla founder replied to a tweet already criticizing the Democrats’ plan to tax the billionaires to pay for expanded social services and climate change measures.
‘They’ will come for your money eventually
Musk was concise, and he plain and simply forecast that the move to tax the hyper-rich will eventually go down the income ladder and end up with the slapping of new taxes on the American Middle Class.
The Tesla leader noted that “eventually, they run out of other people’s money” which is when “they come for you.”
He may or may not have been paraphrasing the famous quote by late British Prime Minister Margaret Thatcher who said that the problem with socialists is that eventually, they run out of “other people’s money”, being totally incompetent to create any wealth.
Of course, Musk and his archrival, Jeff Bezos of Amazon and Blue Origin, in recent years paid practically nothing in federal income tax.
Musk’s wealth has increased by $13.9 billion between 2014 and 2018, when he reported $1.52 billion in income, paying $455 million in taxes, or about a 3.27 percent true tax rate.
So the main problem with Biden and the Democrats’ plan isn’t that the billionaires shouldn’t be paying more taxes – it is with how to guarantee that they would stop there and would end up forcing everybody to pay more and more, and how to guarantee the money won’t be squandered as the Commies love doing.