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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
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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.
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He questioned the legality of the measure and echoed concerns over potential implementation. Go out and buy yourself some gold because people are going to rush to find ways of hiding their wealth, he said.
Billionaire Leon Cooperman told CNBC s Squawk Box that Sen. Elizabeth Warren s proposed wealth tax has no merit and is foolish. He also revealed the real attitude among the wealthy and why critics say such a tax has implementation problems: the 1% would hide their assets.
Sen. Warren and several progressives introduced the Ultra-Millionaire Tax Act on Monday, which would enact a 2% annual tax on households with net worths between $50 million and $1 billion, and a 3% tax on households with a net worth over $1 billion.
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Several Democrats just proposed a wealth tax that would apply to 0.05% of American households.
An analysis finds billionaires would have paid $114 billion in 2020 if the plan was in effect.
A wealth tax has been a popular proposal for addressing inequality but would face implementation issues.
The newly proposed Ultra-Millionaire Tax Act would have raised $114 billion from American billionaires in 2020 if it had been in effect.
This projection comes from an analysis from Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS). Looking at Forbes billionaire data, the analysis found that the wealth tax would raise $1.4 trillion over 10 years and that billionaire wealth still would increase under the proposal.