Adam Wyden lives in Florida and runs a hedge fund worth $350 million
Oregon Democratic Senator Ron Wyden's son, a Florida-based hedge fund millionaire, put his liberal dad and his 'cronies' in Congress on blast Sunday night after the lawmaker used an exchange with Elon Musk to again promote his proposed billionaire's tax.
Adam Wyden, 37, was responding to a comment his father left on the Tesla CEO's Saturday night Twitter poll asking, 'Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?'
The elder Wyden ripped Musk's cavalier attitude in leaving a decision about thousands of tax dollars to social media.
'Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll. It’s time for the Billionaires Income Tax,' the Senator wrote.
His son jumped in with a forceful response on Sunday evening.
'Why does he hate us / the American dream so much?!?!?!?!' Adam Wyden wrote.
'Reality is: most legislators have never built anything… so I guess it’s easier to mindlessly and haphazardly try and tear stuff down.'
He then flaunted his own financial success, writing: 'Thankfully, I think I can compound faster than my dad and his cronies can confiscate it…'
Musk threw his own childish insult at Senator Wyden as well.
'Why does ur pp look like u just came?' the billionaire bizarrely quipped.
Wyden had introduced his proposal for a Billionaire's Tax on unrealized gains in late October as a way to pay for President Joe Biden's Build Back Better agenda. It was quickly derailed by bipartisan concerns and questions over the plan's constitutionality.
It was since scrapped in favor of a surtax on wealthy Americans making more than $10 million.
He sounded off at his father when the Oregon senator got into a Twitter spat with Tesla CEO Elon Musk
His dad, Democrat Senator Ron Wyden (pictured with wife Nancy Bass Wyden) is one of the architects of the billionaire's tax
The billionaire's tax was a proposal that would tax the ultra wealthy on the year-to-year value certain assets gain, while currently they only have to pay penalties at the time of sale.
Millionaires and billionaires generally borrow money against these assets to build more wealth while keeping their taxable finances low.
The proposed tax would have hit the gains of those with more than $1 billion in assets or incomes of more than $100 million a year. The rate would align with the capital gains rate, now 23.8 percent.
That means Adam Wyden, whose share in his $350 million hedge fund is valued at $100 million, would be one of the ultra-wealthy Americans forced to pay up.
His firm, ADW Capital Partners, relies on