{"id":925670,"date":"2021-10-26T18:29:33","date_gmt":"2021-10-26T22:29:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=925670"},"modified":"2021-10-26T18:29:37","modified_gmt":"2021-10-26T22:29:37","slug":"elon-musk-slams-democrats-over-extreme-proposal-to-tax-unrealized-capital-gains","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elon-musk-slams-democrats-over-extreme-proposal-to-tax-unrealized-capital-gains\/","title":{"rendered":"Elon Musk Slams Democrats Over Extreme Proposal To Tax Unrealized Capital Gains"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Felon-musk-slams-democrats-over-extreme-proposal-to-tax-unrealized-capital-gains%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=925670&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Entrepreneur Elon Musk slammed Democrats in a tweet on Monday over a proposal they are considering that would tax unrealized capital gains.<\/p>\n<p>The proposal for the tax plan has gained steam in the wake of Sen. Kyrsten Sinema (D-AZ) opposing raising corporate and individual tax rates to pay for Democrat President Joe Biden\u2019s massive multi-trillion dollar social spending bill.<\/p>\n<p>The New York Times <a href=\"https:\/\/www.nytimes.com\/2021\/10\/25\/business\/dealbook\/democrats-capital-gains-tax.html\">reported<\/a>:<\/p>\n<p><em>Billionaires could be taxed on unrealized capital gains on their liquid assets, Democratic officials said yesterday. It would affect people with $1 billion in assets or those who have reported at least $100 million in income for three consecutive years, according to news reports. That would ensnare perhaps 700 taxpayers \u2014 or the wealthiest 0.0002 percent \u2014 but Democrats hope it would generate at least $200 billion in revenue over a decade. It would cover not only stocks, but also other assets like real estate.<\/em><\/p>\n<p>Musk criticized the plan in a tweet that came in response to a sample letter that someone posted online that offered a template for what Americans should say to their elected officials.<\/p>\n<p>The letter stated:<\/p>\n<p><em>Dear (Senator of Congress Member\u2019s name),<\/em><\/p>\n<p><em>I expect you to oppose the Wyden proposal to tax unrealized capital gains. Although the proposal targets billionaires and not myself, the government of elected representatives have a track record of scope creep when writing new taxes. I anticipate that any new unrealized capital gains taxes will slowly make their way down to middle class retirement investments over the next several years. It will start with billionaires, then eventually millionaires, then the modest investments will get hit possibly within a decade. Although principle residences and holdings in 401K plans apparently will be excluded, the Wyden proposal takes new tax hikes a step closer to imposing unrealized capital gains tax on the average investor.&nbsp;<\/em><\/p>\n<p><em>Thank you for your support.<\/em><\/p>\n<p>\u201cExactly,\u201d Musk, who is at the moment the wealthiest person in the world, wrote. \u201cEventually, they run out of other people\u2019s money and then they come for you.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Exactly. Eventually, they run out of other people\u2019s money and then they come for you.<\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1452792781726961668?ref_src=twsrc%5Etfw\">October 26, 2021<\/a><\/p>\n<p>Tilman Fertitta, the owner of the Houston Rockets and numerous other businesses, warned on Monday that if the plan from Democrats was passed that it could destroy capitalism in the U.S.<\/p>\n<p>When asked about the tax during a Fox News interview, Fertitta <a href=\"https:\/\/www.dailywire.com\/news\/houston-rockets-owner-our-great-capitalism-will-slowly-come-to-an-end-if-democrats-pass-tax-plan\">said<\/a> that if it passes it will \u201cmake me not build as much<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Entrepreneur Elon Musk slammed Democrats in a tweet on Monday over a proposal they are considering that would tax unrealized capital gains.The proposal for the tax plan has gained steam in the wake of Sen. Kyrsten Sinema (D-AZ) opposing raising corporate and individual tax rates to pay for Democrat President Joe Biden\u2019s massive multi-trillion dollar social spending bill.The New York Times reported:Billionaires could be taxed on unrealized capital gains on their liquid assets, Democratic officials said yesterday. It would affect people with $1 billion in assets or those who have reported at least $100 million in income for three consecutive years, according to news reports. That would ensnare perhaps 700 taxpayers \u2014 or the wealthiest 0.0002 percent \u2014 but Democrats hope it would generate at least $200 billion in revenue over a decade. It would cover not only stocks, but also other assets like real estate.Musk criticized the plan in a tweet that came in response to a sample letter that someone posted online that offered a template for what Americans should say to their elected officials.The letter stated:Dear (Senator of Congress Member\u2019s name),I expect you to oppose the Wyden proposal to tax unrealized capital gains. Although the proposal targets billionaires and not myself, the government of elected representatives have a track record of scope creep when writing new taxes. I anticipate that any new unrealized capital gains taxes will slowly make their way down to middle class retirement investments over the next several years. It will start with billionaires, then eventually millionaires, then the modest investments will get hit possibly within a decade. Although principle residences and holdings in 401K plans apparently will be excluded, the Wyden proposal takes new tax hikes a step closer to imposing unrealized capital gains tax on the average investor.\u00a0Thank you for your support.\u201cExactly,\u201d Musk, who is at the moment the wealthiest person in the world, wrote. \u201cEventually, they run out of other people\u2019s money and then they come for you.\u201dExactly. Eventually, they run out of other people\u2019s money and then they come for you.\u2014 Elon Musk (@elonmusk) October 26, 2021Tilman Fertitta, the owner of the Houston Rockets and numerous other businesses, warned on Monday that if the plan from Democrats was passed that it could destroy capitalism in the U.S.When asked about the tax during a Fox News interview, Fertitta said that if it passes it will \u201cmake me not build as much because I won\u2019t have the ability that creates so many more jobs.\u201d\u201cAnd then you\u2019re paying so many different taxes,\u201d he continued. \u201cEvery employee pays payroll taxes, all your sales taxes, all the taxes they pay. It\u2019s truly a mistake. It\u2019s a social way of not doing things in this country. It\u2019s the European way. Our great capitalism will slowly come to an end. And do I believe in taxes to make our country great? Absolutely. I don\u2019t think a balance sheet billionaires tax is the way to do it. Do it on income. You can\u2019t do it on balance sheets. It\u2019ll never be right.\u201dThe Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-925670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/925670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=925670"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/925670\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=925670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=925670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=925670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}