Elon Musk Says 'They Will Eventually Apply the Wealth Tax to Everyone' —Just Like How Income Tax Started As A 'Temporary' Tax For Top 1%

Core Viewpoint - Elon Musk warns that California's proposed wealth tax could eventually expand to affect everyone, similar to the historical evolution of income tax [1][3]. Group 1: Wealth Tax Proposal - The proposed 2026 Billionaire Tax Act aims to impose a one-time 5% tax on individuals with over $1 billion in assets, targeting the ultra-wealthy [3]. - The goal of the tax is to raise an estimated $100 billion to fund social programs such as Medi-Cal, public education, and food assistance, particularly in light of potential reductions in federal support [4]. Group 2: Reactions and Implications - Supporters of the tax, including healthcare worker unions, view it as a critical opportunity to utilize extreme wealth for essential services [4]. - Critics, including California Governor Gavin Newsom, express concerns and emphasize the need to protect the state from potential negative impacts of the tax [4].