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Elon Musk would have paid $ 4 billion in 2020 as part of proposals for an “ultra-millionaire” tax, data from tax groups shows

Sen Elizabeth Warren of Massachusetts proposed the Ultra-Millionaire Tax Act on Monday, which would put an annual tax of 2% on individual net worth of between 50 million USD and 1 billion USD or 3% on net assets over 1 billion USD charged

If that tax had been introduced in 2020, Musk would have paid the second most Americans, only beaten by Jeff Bezos, CEO of Amazon, Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS) said on inequality , based their calculations on Forbes data, Musk will be followed by Microsoft co-founder Bill Gates and Facebook CEO Mark Zuckerberg, the groups said

The nation’s roughly 650 billionaires have collective net worth more than $ 42 trillion, the groups said their net worth has increased by about 44% and over one since the U.S. pandemic began in March 2020 For those 650 billionaires alone, by a decade, wealth tax would fund about three-quarters of President Joe Biden’s $ 1.9 trillion coronavirus relief package, ATF and IPS said

About a third of the wealth tax would be paid by the 15 richest Americans alone, who collectively have net worth more than $ 2 trillion, they added,

At the end of 2020, Musk’s real-time value was $ 153 billion, according to Forbes and $ 170 billion according to Bloomberg.Both rich lists said his fortunes had grown more than sixfold in one year

According to Forbes’ figures, Musk would have paid $ 4 billion last year after Warren’s suggestion. According to Bloomberg’s figures, that would have been $ 5 billion

Musk and Bezos have been the richest people in the world since January March Bezos tops Forbes and Bloomberg lists. Musk is worth $ 152 billion, according to Forbes and $ 162 billion according to Bloomberg

Musk made his fortune from his business empire. He is the CEO of Tesla and SpaceX, founder of Neuralink, and co-founder of the Boring Company

Although he removes Tesla’s legally permitted minimum salary, Musk’s compensation package rewards him with shares when Tesla achieves certain goals This made him the best-paid manager in the world last year. According to Bloomberg, he has a stake of around 20% in Tesla and 57 million vested Tesla stock options

He also has a 48% stake in his aerospace company SpaceX. In a funding round in February 2021, SpaceX was valued at $ 74 billion

Musk has ambitious plans for his fortune In December, he informed Mathias Döpfner, CEO of insider parent company Axel Springer, that he was selling all of his possessions to fund a future colony on Mars

“In fact, I will basically have almost no possessions with any monetary value other than company stocks,” said Musk. “When things are intense at work, I like to sleep in the factory or office, and I obviously need to a place when my kids are around So I’ll just rent a place or something “

Musk also recently sold several expensive lots, including three neighboring homes in the Bel-Air neighborhood of Los Angeles

Elon Musk

World News – US – Elon Musk would have paid $ 4 billion in 2020 under Warren’s property tax proposal, data shows

Source: https://www.businessinsider.com/elon-musk-pay-46-billion-under-warren-wealth-tax-report-2021-3