Elon Musk snarked that Kamala Harris’ tax policies would lead to “bread lines and ugly shoes,” in response to proposals by the Democrat presidential candidate to enforce price controls, raise the corporate tax to 28% and implement a 44.6% capital gains tax.
The comment from the Trump-supporting billionair came as Harris backed the Biden administration’s progressive tax agenda.
One element which has drawn especial ire from the right is an “unrealized gains” tax which taxes ownership of appreciating assets at a rate of 25%.
“Taxing unrealized capital gains contradicts the basic principles of fairness and property rights essential for a free and prosperous society, said researcher at the American Institue on Economic Research after the announcement. “Taxation, if we’re going to have it on income, should be based on actual income earned, not on paper gains that may never materialize.”
Musk has been campaigning strongly for the Republican ticket ever since candidate Donald Trum survived an assassination attempt early in August.
Currently he is the world’s wealthiest person with an estimated net worth of $241 billion.
by Staff
