PETER PARKS/AFP via Getty Images
Musk would have paid $4.6 billion in 2020 under Warren s ultra-millionaire plan, tax groups said.
The Tesla and SpaceX CEO was worth at least $150 billion at the end of 2020.
Musk plans to use his fortunes to fund a future colony on Mars.
Elon Musk would have paid $4.6 billion in 2020 under proposals for an ultra-millionaire tax, data from tax groups shows.
Sen. Elizabeth Warren of Massachusetts proposed the Ultra-Millionaire Tax Act Monday. It would apply an annual 2% tax on individual net worth between $50 million and $1 billion, or 3% on net worth above $1 billion.
If this tax had been in place in 2020, Musk would have paid the second most of all Americans, beaten only by departing Amazon CEO Jeff Bezos, Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS) Project on Inequality said, basing their calculations on Forbes data. Musk would be followed by Microsoft co-founder Bill Gates an
Eric Thayer/Reuters
Elizabeth Warren recently introduced a wealth tax on the top 0.05% of American households.
The measure could bring in billions in tax revenue, but faces questions over whether it s constitutional.
Insider talked to 7 law professors about these concerns, including 5 who signed a letter in its support.
Sen. Elizabeth Warren has made it clear: She wants to tax the ultrawealthy.
It s a measure that a majority of Americans support, and could bring in billions in tax revenue, but beyond the political will to make it law it faces several legal obstacles. Besides implementation concerns, it might not be allowed under the Constitution.