- The world’s richest man, who has an estimated net worth of $288.6 billion, is opposing Democrats’ billionaire tax, all while he breaks the record for wealth an individual has made in one day.
- Under the Dems billionaire tax plan, Musk would pay an estimated $10 billion a year over the next five years instead of $0 in income taxes he infamously paid in 2018.
- Musk, who gobbles up massive government subsidies, still claims that Capitalists are wiser in allocating vast sums of money than the government can ever be.
Sharon Zhang from Truthout writes:
“This week, the world’s richest man, Elon Musk, who has an estimated net worth of $288.6 billion, voiced his opposition to Democrats’ billionaire tax — while simultaneously breaking the record for wealth an individual has accumulated in one day.
Democrats unveiled a proposal this week that would levy a tax on billionaires’ investment incomes in order to capture some of billionaires’ wealth, rather than just their reported incomes. Under this plan, Musk — who infamously paid $0 in income taxes in 2018 — would pay an estimated $10 billion a year over the next five years, according to an estimate by economist Gabriel Zucman.
Though $10 billion is an unfathomably large amount of money for any individual to own, it is just a small fraction of Musk’s exorbitant wealth — which adds up to approximately 1.3 percent of the U.S. Gross Domestic Product and is more than the value of international oil giant ExxonMobil. By contrast, the median worker in the U.S. makes $1.7 million over a lifetime, meaning that it would take the average worker just under 6,000 lifetimes to make the amount that Musk may get taxed from his investment income in a year…”
See full story here.