Elon Musk · U.S. · Fortune Technology
Musk has warned more broadly America is on a path to going bankrupt “1,000% ” if spending isn’t curtailed
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The national debt has grown by more than $11 trillion over the last five years alone.
Key facts
- In the years that follow, Sanders believes the revenue from the tax would reverse the $1.1 trillion in Medicaid and Affordable Care Act cuts, establish a $60,000 minimum salary for public school
- Taxing all 938 billionaires at 100% wouldn’t stop the $40 trillion national debt, says Elon Musk
- The Committee for a Responsible Federal Budget projects interest payments will exceed $1.5 trillion by 2032
- But that’s not what Sanders and Khanna are suggesting: The two put forward the “ Make Billionaires Pay Their Fair Share Act,” which proposed an annual 5% wealth tax on individuals with a net worth
Summary
Taxing all 938 billionaires at 100% wouldn’t stop the $40 trillion national debt, says Elon Musk. The richest person in the world and the most well-known person leading the cause against creating more people like him have many differing views on taxing the ultrawealthy. But now, Elon Musk and Sen. In Musk’s view, collecting every cent billionaires rake in pales in comparison to federal debt, which hit $40 trillion and counting. “Even if you tax every billionaire in America at 100%, it barely makes a dent in the national debt,” Musk wrote on X in 2023.