Elon Musk has criticized the White House’s plans to introduce a “billionaire tax” on the richest Americans, arguing that his companies would not have survived to this day if the tax had been introduced after the 2008 financial crisis.
The so-called “minimum income tax for billionaires,” included in Biden’s fiscal year 2023 budget proposal, would impose a minimum tax of 20% on US households worth more than $100 million. The plan will target both reported income and unrealized capital gains.
Musk responded to a blog post by American Enterprise Institute fellow James Petokookis detailing University of Chicago economist Steven Kaplan’s argument that troubled Tesla and SpaceX could close in 2008. Then they miraculously avoided bankruptcy.
Musk called 2008 “definitely the worst year of my life” as he struggled to keep Tesla and SpaceX afloat. He invested all of the $180 million proceeds from the sale of PayPal to the firms.
Elon Musk’s fortune, according to the latest data, is more than 270 billion dollars. One estimate is that Musk will pay about $50 billion in taxes under Biden’s latest proposal.
Source: ixbt
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