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10/27, 8:23 PM (Source: TeleTrader)
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Psaki responds to Musk's criticism of billionaire tax proposal

White House Press Secretary Jen Psaki responded on Wednesday to a previous criticism made by billionaire and entrepreneur Elon Musk regarding a legislation proposal to tax people worth over $1 billion. She said the president's administration believes highest-income Americans can afford to pay more to contribute to federal investments.

Psaki added that US President Joe Biden is in favor of the billionaire tax. When asked, if there are any legal challenges to the tax draft, she noted the White House wouldn't support anything that wasn't legal.

Earlier in the week, Elon Musk criticized the initiative, forecasting that the taxation strategy would reach the middle class in about a decade. "Eventually, they run out of other people's money and then they come for you," he tweeted.

Breaking the News / LH