Senator Elizabeth Warren (D-Massachusetts), who often argues with Elon Musk over US legislation, said he and his fellow billionaires should pay taxes to support the next generation of entrepreneurs who can make a difference.
Let’s not forget that Elon Musk did not achieve success alone. He got huge investments from the government, from the taxpayers, from those public school teachers and those minimum wage workers who have been paying taxes all along to get this business going and help it get through the hard times.
Elizabeth Warren
Today, Tesla has a market value in excess of $1 trillion on the stock market, and SpaceX is one of the most successful and valuable private companies in the world.
When you achieve great success, we will ask you to pay your fair share of taxes. Invest so that the next Elon Musk has a chance to succeed too.
Elizabeth Warren
The Biden administration on Monday proposed a minimum billionaire income tax that would require US households worth more than $100 million to pay at least 20% of their income in taxes. More than half of income can come from households worth more than $1 billion.
Elizabeth Warren claims that Elon Musk has paid very little in taxes in recent years, with the latest figures putting his current net worth at over $270 billion. In February, Musk bragged on Twitter that last year he paid the largest tax in history for an individual in the US.
Elon Musk has criticized the White House plan, saying that Tesla and SpaceX would have shut down by now if there was a tax on billionaires.
Source: ixbt
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
