economy

Taxing all 938 billionaires at 100% wouldn't stop the $40 trillion national debt, says Elon Musk. Bernie Sanders says tax them 5% and send you a check

Taxing all 938 billionaires at 100% wouldn’t stop the $40 trillion national debt, says Elon Musk. Bernie Sanders says taxing them 5% cuts you a check

Taxing all 938 billionaires at 100% wouldn't stop the $40 trillion national debt, says Elon Musk. Bernie Sanders says tax them 5% and send you a check

TL;DR

  • Elon Musk believes taxing billionaires at 100% would not significantly reduce the national debt.
  • Sen. Bernie Sanders proposes a 5% annual wealth tax on individuals with a net worth of $1 billion or more.
  • Sanders estimates this tax would generate $4.4 trillion over ten years.
  • The proposed revenue could fund a one-time $3,000 check for lower- and middle-income households, reverse Medicaid/ACA cuts, and cap childcare payments.
  • Musk views the debt crisis as structural, requiring spending cuts, while Sanders sees taxing the wealthy as a means for redistribution and funding social services.

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