Gabriel Zucman, an economist for The Washington Post shared a new analysis that states that Elon Musk might be hit with over $50 billion in taxes in the 1st Five year stretch of tax implementation. Nonetheless, several experts expect that the plan might be hard to apply. This is because it would add a new layer of the tax code for billionaires.
In a blog post, Steve Rosenthal; a tax expert at the nonpartisan Tax Policy Center said that billionaires might manipulate assets to shrink their tax bills.
Senate Republicans are already slamming the proposal. Sen. Mitch McConnell of Kentucky, the GOP minority leader, called it a “hare-brained scheme” on Monday.
