Joe Biden and Democrats in the Senate proposed to introduce a tax for billionaires - it could reduce the U.S. national debt, which is close to the mark of $ 29 trillion. The initiative has already been criticized by former President Donald Trump and the world's richest man Ilon Musk.
The Democratic Party of the United States proposed to tighten the tax burden on the richest citizens of the country, reports Reuters. The initiative applies to the 700 richest American businessmen - with assets of $1 billion or more or annual income exceeding $100 million.
Trump and Musk are against it.
The initiative to introduce a tax on unrealized gains was made by the chief tax expert in the U.S. Senate and chairman of the U.S. Finance Committee, Ron Wyden. The idea was to make the super-rich citizens of the country pay not only when selling assets, but at the stock market growth of financial products.
At present, however, only the cash difference between the purchase and sale is taxed, which is 20%.
At the same time the tax reform did not naturally find approval among the richest American businessmen. Head of Tesla and founder of SpaceX Ilon Musk warned that this measure may in the long term extend to less affluent citizens of the United States. At the same time, the businessman noted, the U.S. national debt accounts for about $229,000 per taxpayer.
"Even imposing a 100% tax on all 'billionaires' would only partially cover that amount, so obviously the rest would have to come from the general public. It's basic math."
- Musk wrote on his Twitter.
The SpaceX owner also noted that the real problem for the United States now is not an increase in cash payments from billionaires, and the growing amount of government spending. Former U.S. President Donald Trump was in solidarity with him, who warned the U.S. authorities about the further departure of the richest businessmen from the country.