Elon Musk Says Biden's Wealth Tax On Billionaires Will Somehow Hurt Middle Class - Ring of Fire

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Former richest man in the world Elon Musk is so afraid of President Biden's idea of a wealth tax on billionaires that he's resorting to idiotic scare tactics to convince low income Americans that it'll actually hurt them. This past weekend, Musk tweeted that the billionaire tax would end up costing lower and middle class Americans more money, then offered the dumbest reasoning ever to support his belief. Ring of Fire's Farron Cousins dissects Musk's argument and explains what's actually happening.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

This past weekend, president Biden following a campaign rally got on Twitter and said, simply, it's about time the super wealthy start paying their fair share. Now of course, president Biden has proposed a wealth tax, basically a tax on billionaires here in the United States of about 25%. And that would only apply to income over a certain level. Uh, so it would not apply to anybody else except the super wealthy here in the United States. That's why it's called a wealth tax. So in walks the former wealthiest man on the planet, Elon Musk, cuz God knows Elon Musk's got plenty to say about the wealthy like himself having to pay their fair share in taxes. Well, one of the first things he did was respond to the tweet saying, please give him the password so he can do his own tweets. Please. I'm begging you. So funny, right?

But then Elon Musk actually tried to sound intellectual, right? He made a stupid joke that all the little muskrats on Twitter decided, oh, you're so funny. We love you. But then he tried to get smart and when he tried to get smart, he appears even dumber than when he tells us stupid jokes. Cuz here is what Elon Musk said after he made his little joke here. He said, I agree that we should make elaborate tax avoidance schemes illegal, but acting upon that would upset a lot of donors. So we'll see words but no action. Now, if he had stopped there, he would've made a very powerful and accurate political point because that part is true. You know, sometimes the best thing to say after you've made a good point is nothing. So if he had stopped there, this would be a totally different segment. But then he got stupid, as he often does, and he continued 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.

What that's we're not, Biden's plan is not about the payroll tax. It's not about a blanket increase in the payroll tax. Like that's, that's not a thing, that's not a piece of any of this that anybody ever wear, uh, anywhere ever proposed. But you're bringing it up to sound smart. Like, well, it's those payroll taxes. Cause, you know, that affects the, the lower and the middle class folks and that's what we need to be worried about. You. You tried to sound smart. You, you really desperately wanted people to look at you and be like, wow, this is a guy that actually knows what he's talking about. But you don't because you don't even understand what's in the actual proposal because that ain't there. Not to mention the fact that even if it were there, we're talking

About applying the payroll tax, the same tax that you pay, that I pay, uh, that would just be applied to the millionaires and billionaires, you know, increasing the threshold of when you stop paying social security, which shouldn't even be a thing. There should be no in income threshold on when you stop paying into Social security. Right now it's 160,000 a year. But Elon Musk doesn't understand these things. And so he goes to that same old billionaire argument like they're coming after me because they really want to go after you. We heard it from Matt Gaetz when he was being investigated for possibly having sex with a minor.

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1. It will hurt the middle class by reminding them this IS a government for the people.

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2. It's a line some billionaire heard from some RW spinmeister - and now they all say it

Who needs originality, after all, when you have the money to buy it.