Elon Musk, the richest person in the world with a net worth of around $292 billion, said taxing billionaires would only make a “small dent” toward paying off the US national debt, arguing that the focus should be on government spending.
“Spending is the real problem,” Musk said Wednesday in a tweet that also included a link to an online clock that estimates the country’s debt. Even if the super-wealthy were taxed at “100%,” the government would need to turn to the “general public” in order to make for the short-fall, the Tesla Chief Executive said.
“This is basic math,” he said.
Musk’s comments came after Ways and Means Chair Richard Neal said there wasn’t support for a tax on billionaires tax to get through Congress.