President at the weekend Joe Biden gained weight Twitter to reiterate his call for taxing the richest people And Elon Musk, the second richest man in the world threw in numbers and said he paid the most taxes of anyone on earth in 2021.

What happened: In follow-up talks Dogecoins DOGE/USD co-founder Bill Markus commented on a tweet from “Unusual whales“The Biden administration’s budget proposals included a new minimum tax on the unrealized capital gains of wealthy individuals.

See also: Day Trading Taxes

Markus, who is known under the pseudonym Shibetoshi Nakamoto on twitter, said that if unrealized gains were taxed, everyone would sell everything and this would lead to the collapse of the economy.

Tesla CEO Musk agreed with the crypto entrepreneur, responding that it was “true.”

“Such a tax would be a direct wealth tax and would therefore have to be apportioned by the state according to its population,” he said, adding: “That will not happen.”

In response to Schiff’s tweet, a Twitter user said the constitution had never defined income and that the tax is collected from companies that are state or federal franchisees, not billionaires per se.

The gold bull agreed, saying the Supreme Court defined income as corporate profit, thereby upholding the Constitution. The Internal Revenue Service doesn’t define income, but it does claim that gross income includes profits from a variety of sources, he said.

“But unrealized gains cannot possibly qualify,” he added.

Photo: decency from WikimediaCommons

Continue reading: 25% Billionaires Tax, End of Breaks for Big Oil, Crypto: What Biden Reportedly Thinks in Budget Proposal