Over the weekend, President Joe Biden took to Twitter to reiterate his call for taxing the richest people and Elon Musk, the world's second richest man, threw in numbers and said he paid the most taxes among everyone on Earth in 2021.
What Happened: In follow-up discussions, Doge coin DOGE USD co-founder Billy Markus commented on a tweet by Unusual Whales that the Biden administration budget proposals included a new minimum tax on the unrealized capital gains of wealthy individuals.
Markus, who goes by the pseudonym Shibetoshi Nakamoto on Twitter, said if unrealized gains were taxed, everyone would sell everything, and this will lead to the economy collapsing.
The CEO of Tesla, Musk, agreed with the entrepreneur and said that this was true. Such a tax would be a direct tax on property and would therefore need to be apportioned by state according to its population, he said. Replying to Schiff's tweet, one Twitter user said the constitution never defined income and the tax is levied on corporations that are franchises of the state or federal government, and not on billionaires per se.
The gold bull agreed with him and said that the Supreme Court defined income as corporate profit, confirming with the constitution. The Internal Revenue Service doesn't define income but it claims gross income includes gains derived from various sources, he said.
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