• Thu. Feb 22nd, 2024

Elon Musk Advocates For Bitcoin & Advises US Government to Consider Bitcoin

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Nov 1, 2021

Elon Musk has been warning the US Government for increasing the debt by printing dollars exorbitantly. He believes that two kinds of pressures are mounting currently on the US economy firstly, the phenomenal increase in the national debt, secondly, the imposition of crypto tax under CGT. He suggests that the pressures demand that the Government should seriously think about crypto, such as Bitcoin.

These days, the CEO of Tesla, Elon Musk has been commenting actively on the situation of US economy. He believes that danger in the shape of increased debts and crypto tax on capital gain tax (CGT) is lurking on the national economy. As regards CGT, he opined that Government intends to impose tax on crypto under the head of CGT particularly from the rich class. However, such an action would be in direct violation of the US Constitution which guarantees “equal treatment” and “equality rights”.

He thinks that if somehow the proposal has been approved then the crypto tax would not be limited to billionaires only. The tax collectors will be going after others as well to bring the tax in conformity with the spirit of the US Constitution.

He commented that if the proposal is passed, he’d be paying approximately US$ 50 Billion as tax in the next five years. On the other hand, Bezos would be required to pay an amount of US$ 44 Billion as tax. He was talking to his Twitter followers when he was ascertaining the situation where crypto tax proposal is implemented. He then suggested that even in the next five years, US Government will not be able to make the debt good which is exceeding US$ 3.5 Trillion. There would be 90% left to fulfill the debt of US$ 3.5 Trillion. Who is going to pay the rest, is a million dollar question, said Musk. He then suggested that the 90% will be collected from the average income earners. So inevitably there is no backdoor for anyone, claimed Musk.

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He further explained that at presently US debt is about US$ 29 Trillion. This means that every taxpayer in the US is responsible for paying US$ 229,000 each on yearly basis. Supposing 100% tax have been collected from all the billionaires of the country, even that cannot bring a fraction of change in the national debt. Certainly, the Government would go after average taxpayers, claimed Musk.

Musk seems to have a reasonable point and his stats are attracting everyone’s attention. The day he tweeted his remarks, there were 34 thousand likes and the post was retweeted for more than 8 thousand times.

But Musk’s intention is not to criticize the Government nor does he want to demoralize anyone in the Government. Instead, he is insisting that Bitcoin is there and US can simply capitalize from its benefits.

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