Elon Musk Warns Against Government ‘Tricksters’ Who Seek to ‘Conflate Capital Allocation with Consumption’ after Yellen Hints at New Tax Concept for Unrealized Gains

The richest man in the world, Elon Musk, who is in charge of Tesla, SpaceX, and co-launched Paypal (among many other things) is getting a lot of attention lately. From those who look to his tweets to hopefully boost their crypto investments, Tesla fans, or people simply there for the memes, Musk is commonly mentioned in today’s pop culture.

Recently, Tesla broke a one trillion dollar market cap as well, bringing even more scrutiny and attention to the company and its founder.

He certainly has many detractors as well, which is to be expected. The Wall Street Journal described a proposed tax that is supported by Treasury Secretary Janet Yellen and the Democrats:

A new annual tax on billionaires’ unrealized capital gains is likely to be included to help pay for the vast social policy and climate package lawmakers hope to finalize this week, senior Democrats said Sunday. Twitter account Podcast News tweeted:

“I’d rather let @elonmusk allocate capital than Janet Yellen.” to which Musk replied:

“Who is best at capital allocation – government or entrepreneurs – is indeed what it comes down to. The tricksters will conflate capital allocation with consumption.”

Who is best at capital allocation – government or entrepreneurs – is indeed what it comes down to.

The tricksters will conflate capital allocation with consumption.

— Elon Musk (@elonmusk) October 26, 2021

Many may argue that the rich are too rich. In some cases that may be true. Musk makes an interesting case though, considering the amount of innovation he is bringing, as opposed to activist investors like George Soros, who use their wealth for nefarious purposes in our view.

Things like this will of course be left up for debate until the end of time. We certainly agree with the idea that tricksters in the government want to confuse the masses to gain more power and control. Meanwhile, we will have to see what new tax ideas the Democrats come up with as they collapse in the polls under Joe Biden’s messy reign.