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Musk: Poor to Pay Price for Biden's Call For More Taxes on Rich

Elon Musk, the CEO of Tesla Inc. - The AP
Elon Musk, the CEO of Tesla Inc. - The AP
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Musk: Poor to Pay Price for Biden's Call For More Taxes on Rich

Elon Musk, the CEO of Tesla Inc. - The AP
Elon Musk, the CEO of Tesla Inc. - The AP

Elon Musk, the CEO of Tesla Inc., said that President Joe Biden's proposal to impose higher taxes on extremely affluent Americans will only affect lower-to-middle income groups.

"In all seriousness, I agree that we should make elaborate tax-avoidance schemes illegal, but acting upon that would upset a lot of donors, so we will see words, but no action, Musk said in a tweet.

"Those who will actually be forced to carry the burden of excess government spending are lower to middle income wage earners, as they cannot escape payroll tax," he added.

This came after Biden said during his campaign rally in Philadelphia on Saturday that “It’s about time the super-wealthy start paying their fare share.”

Biden called on union workers to support his reelection bid and called for new taxes on the wealthy and corporations.

While the number of billionaires in the US has risen to about 1,000, they pay some 8 percent of their earnings in taxes, he said.

“They paid at a lower tax rate than schoolteachers, than firefighters, probably anyone in this room. It’s time they paid a minimum tax. I don’t mind them being billionaires."

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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)

Business activity in Saudi Arabia's non-oil sector accelerated to a four-month high in September, driven by strong demand, which led to faster growth in new orders. The Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI), adjusted for seasonal factors, rose to 56.3 points from 54.8 in August, marking the highest reading since May and further distancing itself from the 50.0 level that indicates growth.

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders, alongside challenges in supply. The improvement in business conditions contributed to a significant rise in employment opportunities, although difficulties in finding skilled workers led to a shortage in production capacity.

At the same time, concerns over increasing competition caused a decline in future output expectations. According to the PMI statement, inventories of production inputs remained in good condition, which encouraged some companies to reduce their purchasing efforts.

Growth was strong overall and widespread across all non-oil sectors under study. Dr. Naif Al-Ghaith, Senior Economist at Riyad Bank, said that the rise in Saudi Arabia's PMI points to a notable acceleration in the growth of the non-oil private sector, primarily driven by increased production and new orders, reflecting the sector’s expansionary activity.

Al-Ghaith added that companies responded to the rise in domestic demand, which plays a crucial role in reducing the Kingdom's reliance on oil revenues. The upward trend also indicates improved business confidence, pointing to a healthy environment for increased investment, job creation, and overall economic stability.

He emphasized that this growth in the non-oil sector is particularly important given the current context of reduced oil production and falling global oil prices. With oil revenues under pressure, the strong performance of the non-oil private sector acts as a buffer, helping mitigate the potential impact on the country's economic conditions.

Al-Ghaith continued, noting that diversifying income sources is essential to maintaining growth amid the volatility of oil markets. He explained that increased production levels not only enhance the competitiveness of Saudi companies but also encourage developments aimed at expanding the private sector's participation in the economy.

This shift, he said, provides a more stable foundation for long-term growth, making the economy less susceptible to oil price fluctuations.