Elon Musk Says 'They Will Eventually Apply the Wealth Tax to Everyone' —Just Like How Income Tax Started As A 'Temporary' Tax For Top 1%

Elon Musk has seen this movie earlier — and he's informing the ending ne'er changes.

Last week, the SpaceX and Tesla CEO — besides the richest antheral successful the satellite — responded to a station connected X astir California's projected wealthiness tax. But alternatively of railing against it with slug points oregon charts, helium fto past bash the talking.

"They volition yet use the ‘wealth tax' to everyone, conscionable similar the income tax, which was expected to beryllium conscionable a impermanent taxation of a fewer percent of the apical 1% to wage for WW1 …"

They volition yet use the "wealth tax" to everyone, conscionable similar the income tax, which was expected to beryllium conscionable a impermanent taxation of a fewer percent of the apical 1% to wage for WW1 … https://t.co/DEu4NLqxLS

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Musk was straight responding to a station that laid retired the logic:

Step 1: Target "just the rich."

Step 2: Set a ineligible precedent.

Step 3: Expand it to everyone else.

The archetypal station besides warned that California's mentation goes further than past taxes — due to the fact that alternatively of taxing income, it allows the authorities to prehend assets. Stocks. Businesses. Global holdings. And it each starts by promising it lone applies to billionaires.

That's what triggered Musk's reply. Not conscionable due to the fact that he'd beryllium successful the archetypal question — but because, successful his words, "they volition yet apply" it to everyone. And there's a humanities blueprint to backmost that up.

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The program Musk was reacting to is known arsenic the 2026 Billionaire Tax Act. If it makes the ballot and passes, it would enforce a one-time 5% taxation connected the nett worthy — not income — of individuals with much than $1 cardinal successful assets.

The goal: rise an estimated $100 cardinal to money societal programs, including Medi-Cal, nationalist education, and nutrient assistance, particularly successful the lawsuit of reduced national support.

Supporters, including healthcare idiosyncratic unions, reason this is simply a once-in-a-generation accidental to marque utmost wealthiness money indispensable services. But critics, including California Gov. Gavin Newsom, person pushed back. "I'll bash what I person to bash to support the state," Newsom told The New York Times past week.