Sen. Elizabeth Warren says billionaires should pay more taxes to help the ‘next Elon Musk
Elon MuskTo support entrepreneurs of the future, billionaires and their fellow billionaires must pay back taxes. Elizabeth WarrenCNBC interviewed D-Mass. on Tuesday.
Although I am happy to celebrate Elon Musk’s success, we must remember that he didn’t do it alone. His government and taxpayers provided huge investment opportunities. Warren stated that the public school teachers, as well as minimum wage workers paid their taxes to help get this business started and through difficult times.Squawk Box.”
Massachusetts Democrat refers to billions of dollars in U.S. government grant funding, subsidies and incentives that for years have helped two of Musk’s companies — Tesla and SpaceX. In their early days, electric cars and commercial space travel weren’t sure investments. Now, SpaceX and Tesla have a combined stock market value exceeding $1 trillion.
“When you make it big … let’s also ask that you pay a fair share in taxes. Each year, the 99% spend 7.2% of their wealth on taxes. Less than half the tax is paid by the top 10% of 1 percent. This is not true. You can make an investment in Elon Musk’s next venture, so you have a shot at making it huge,” she said.
Warren spoke after Monday’s Biden administration. proposedThe Billionaire Minimum Tax is what the IRS calls. It will force households of over $100 million to contribute at least 20% of their income in taxes. More than half the revenue may come from households with a household value of more than $1 million.
The senator expressed support for the billThis is in keeping with her hardline stance on wealth taxes. Warren supported taxation of the rich in the past. proposingWith other Democrats, the Ultra-Millionaire Tax Act of 2021 would have a combined 3% annual tax on wealth above $1billion and a 22% annual wealth tax for households and trusts worth $50m to $1billion. In her failed bid to become the Democratic nominee for 2020, she made taxes on the wealthy a key component of her campaign.
Musk’s View massive tax bill, around $11 billion in 2021Warren stated that Musk had paid very little for his stock in previous years after Tesla stock was sold to him at $14 billion. This is not an option for the majority of Americans.
Forbes lists Musk as the wealthiest person in the entire world. Real-Time Billionaire ListHis net worth is estimated at more than $290 billion by.
Musk claimed in a February tweet that his tax bill was the highest ever for an American citizen.
Warren asked, in 2018, while he was one of the wealthiest people on the planet, how much Elon Musk paid that year. In reality, we saw the year he was taxed and found that he had paid zero. He could not choose to pay zero either in 2018 nor in 2021 as a public school teacher.
Warren referenced a ProPublica investigationMusk was found to have paid zero federal income tax in 2018. Musk has saidBecause he doesn’t draw a salary, he didn’t pay any taxes in 2018.
Warren stated, “All that we are saying is, once you reach the top, the very tipy,tippy top then, pay some in so everyone else gets a piece.” No one is a millionaire by their own efforts.
— CNBC reporter Lora KolodnyContributed to the report.