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Elon Musk would have paid $4.6 billion in 2020 under Warren's wealth tax proposal, data shows

Elon Musk would have paid $4.6 billion in 2020 under Warren's wealth tax proposal, data shows

Tesla and SpaceX CEO would be hit heavily by the tax.
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.




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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 and Facebook CEO Mark Zuckerberg, the groups said.The nation's roughly 650 billionaires have a collective wealth of more than $4.2 trillion, the groups said. Their fortunes have increased by about 44% since March 2020, when the pandemic lockdowns in the US started, and over a decade the wealth tax on those 650 billionaires alone would fund about three-quarters of President Joe Biden's $1.9 trillion coronavirus relief package, the ATF and IPS said.
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