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
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.