Democrats want to tax billionaires on how much their stocks go up, and Musk and some other billionaires don't want that. Now there's a dollar figure.
Signatory Morris Pearl said there's a fear rich people might "go on strike" if taxes go up, but the millionaires know it's in their best interest.
Democrats' idea of a billionaires' tax is "baloney," according to Leon Cooperman. He suggests closing loopholes and raising the income tax instead.
About 37.2 million people in the US lived below the poverty line in 2020 while 98 US newcomers landed a spot on Forbes World's Billionaires list.
"I just wonder, will I be allowed to run for president again if I move to another country?" Trump said in a statement Wednesday.
Musk said the government could "run out of money" and "come for you." Yet the government has run a deficit for years without billionaires paying much.
Democrats are targeting 700 or so billionaires and economist Gabriel Zucman has calculated what the US - and the world's - richest would pay.
Democrats' plan would tax the kind of on-paper capital gains that Musk, the world's richest person, made as Tesla hit a $1 trillion market value.