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."
