{"id":13810,"date":"2021-11-01T03:54:06","date_gmt":"2021-11-01T03:54:06","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/elon-musks-warning-about-government-spending-and-unrealized-gains-tax-proposal-highlights-benefits-of-bitcoin\/"},"modified":"2021-11-01T03:54:06","modified_gmt":"2021-11-01T03:54:06","slug":"elon-musks-warning-about-government-spending-and-unrealized-gains-tax-proposal-highlights-benefits-of-bitcoin","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/elon-musks-warning-about-government-spending-and-unrealized-gains-tax-proposal-highlights-benefits-of-bitcoin\/","title":{"rendered":"Elon Musk\u2019s Warning About Government Spending and Unrealized Gains Tax Proposal Highlights Benefits of Bitcoin"},"content":{"rendered":"

A warning by Tesla and Spacex CEO Elon Musk about the mounting national debt in the U.S., government spending, and the proposal to tax unrealized capital gains has highlighted the benefits of cryptocurrencies, particularly bitcoin.<\/strong><\/p>\n

Elon Musk Says \u2018Spending Is the Real Problem\u2019<\/h2>\n

Tesla CEO Elon Musk made several tweets about the U.S. national debt and government spending last week. He also warned against the proposal to tax unrealized capital gains, aimed at billionaires, which was scuttled Friday amid questions about whether it would even be constitutional.<\/p>\n

Musk believes that if the proposal were to go ahead, the government would not stop at billionaires. \u201cEventually, they run out of other people\u2019s money and then they come for you,\u201d he tweeted early last week.<\/span><\/p>\n

Commenting on a Washington Post article<\/a> stating that he would \u201cpay as much as $50 billion under the tax over its first five years, while Bezos could pay as much as $44 billion,\u201d the Tesla CEO tweeted to his 61.7 million followers: \u201cAccording to their own estimates, this tax only covers ~10% of the $3.5 trillion spending bill. Where will the other 90% come from? The answer is you.\u201d<\/p>\n

The Tesla boss proceeded to explain that the U.S. national debt is currently about $28.9 trillion or $229K per taxpayer, asserting that even if all billionaires are taxed at 100%, it would only make a small dent in the debt number. \u201cThe rest must come from the general public,\u201d he stressed. \u201cThis is basic math.\u201d Musk elaborated:<\/p>\n

Spending is the real problem \u2026 U.S. federal debt\/GDP was 56% in 2000, now it is 126% & climbing fast.<\/p>\n<\/p>\n

Musk\u2019s comments have drawn much attention. At the time of writing, his tweet has been liked 34K times and retweeted 7,123 times.<\/p>\n

Some people strongly disagree with Musk, accusing the Tesla billionaire of not understanding economics and avoiding paying taxes. \u201cHas anyone explained money creation to Elon?\u201d one person tweeted.<\/p>\n

Several pointed out that his companies are heavily subsidized by the government. One person wrote: \u201cHow do you think you became the richest man in the world? Could\u2019ve been the $5 billion the US government gave you to start your companies?\u201d Another said, \u201cSpacex and Tesla only exist because of government spending.\u201d<\/p>\n

A third person acknowledged that \u201cTaxation is theft,\u201d but told Musk: \u201cYou\u2019re a hypocrite \u2026 Pay back the billions in government subsidies you received first and then you will be able to argue against taxation.\u201d<\/p>\n

\u2018Bitcoin Has Become so Valuable\u2019<\/h2>\n

Meanwhile, many people agreed with Musk on the government spending problem and mounting national debt, stating that this is why they put their money in crypto. Marcelo Claure, CEO of Softbank Group International, simply replied, \u201cTotally agree.\u201d<\/p>\n

Lawyer John Deaton described: \u201cThe politicians\u2019 intent is so transparent. Classic divide & conquer strategy by employing class warfare. It\u2019s only against the billionaires \u2013 Until it isn\u2019t. Do the math.\u201d<\/p>\n

Coinbase CEO Brian Armstrong agreed with Musk, stating: \u201cExactly \u2014 it\u2019s gotten completely out of hand. If they are going to keep printing to service the debt and cover the deficit, then this will accelerate the move into crypto.\u201d<\/p>\n

The mayor of the city of Miami, Francis Suarez<\/a>, who has been trying to build his city into a bitcoin hub, chimed in:<\/p>\n

It\u2019s why bitcoin has become so valuable. An unmanipulatable currency\/store of value.<\/p>\n

On Sunday, Musk said that he would sell his Tesla shares if it would solve the world hunger problem. Responding to a comment<\/a> by the director of the United Nations\u2019 World Food Program (WFP) that 2% of his wealth could solve world hunger, Musk wrote: \u201cIf WFP can describe on this Twitter thread exactly how $6B will solve world hunger, I will sell Tesla stock right now and do it.\u201d However, he emphasized: \u201cBut it must be open source accounting, so the public sees precisely how the money is spent.\u201d<\/p>\n

What do you think about Elon Musk\u2019s comments? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nEconomics, democrats billionaire tax, Elon Musk, elon musk billionaire tax, elon musk capital gains, elon musk tax, National Debt, unrealized gains tax, US Debt, us spending<\/p>\n","protected":false},"excerpt":{"rendered":"

A warning by Tesla and Spacex CEO Elon Musk about the mounting national debt in the U.S., government spending, and the proposal to tax unrealized capital gains has highlighted the benefits of cryptocurrencies, particularly bitcoin. Elon Musk Says \u2018Spending Is the Real Problem\u2019 Tesla CEO Elon Musk made several tweets about the U.S. national debt…<\/p>\n","protected":false},"author":0,"featured_media":13811,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13810"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13810"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13810\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13811"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}