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Elon Musk says taxing billionaires won’t ease debt burden

Would only make a ‘small dent’ toward paying off the US national debt, arguing that the focus should be on government spending. 
Image: Bloomberg

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.

© 2021 Bloomberg

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Un-educated/thieving politicians (Third world/SA) or super-educated/thieving politicians (First world/USA/EU) steal or misspend faster than anyone can possibly produce or save.

Thank you for that insightful take Elon, but would that 10% not be a step in the right direction? All life’s problems do not get solved with a magic bullet, most things get solved over time. Most likely he is saying this because most of his wealth is tied up in shares and he would need to liquidate shares to pay his tax bill.

The US government is captured by Wall Street. Read the book “Planet Ponzi” by Mitch Feierstein. These guys are responsible for destroying the future.

Governments around the world spend much more than they earn.
This is clearly unsustainable.
Adding more tax to their revenue streams is hardly the solution.
In actual fact it incentives more poor fiscal decisions.

The excuse is always that a large social safety net is the goal, but ironically, with such large levels of debt, interest rates have to be kept low, forcing equities and the value of other hard assets (property for example) higher, making the rich richer and the poor poorer.

Governments obviously don’t really care about this, because there is no such thing as collective responsibility / accountability.
The individual politicians in charge all have large equity portfolios and expensive properties.

And so we kick the can down the road for the next generation to sort out.

#bitcoin

Yes because they can always count on Tax slaves to pay, my kids and your kids, then their kids

JIP — You give it all to “the poor” and tomorrow it will be gone and they will demand more !!

You certainly have a point Elon but there are 2’755 billionaires in the world with a total net worth of $13.1 trillion and growing, and don’t forget, this is personal wealth, money just sitting there doing nothing! It would sure help the world if that wealth could be taxed instead of taxing general the population to death.

I’m not saying take from the rich and give to the poor, I’m saying tax them a hell of a lot more to ease the burden for everyone else. Why must we be burdened with the cost of running a country when these billionaires could part with substantial amounts more to increase a countries tax revenue, why the hell not?

“Money just sitting there doing nothing”
His wealth is tied into the shares of his companies.
Literally used to fund Tesla and Spacex.
But I suppose it is easier to just ask for a handout rather than doing anything productively.

It’s literally NOT used to fund Tesla or SpaceX LOL, what world are you living in Mytwocents?? And it is literally just sitting there doing nothing and on Monday this week it increased by $36 billion…poof just like that!

It’s most certainly not asking for a handout at all, it’s merely asking for a hand. There’s a big difference! Do you really think if the tax man taxed these billionaires more they would starve or end up bankrupt, I think not!

Oh, a spending problem is it. No one thought of that… Let’s see where we can cut spending to pay for critical infrastructure. IT and defence contracts, space exploration and subsidies on green vehicles. That ought to do it.

This is not a warning from Musk. It’s the same here in SA. They all have their arms around the shoulders of their politician mates and they are pointing directly at you saying get the broad peasantry to pay for this. And they get defended for it.

End of comments.

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