Elon Musk picked a fight with Bernie Sanders on Monday over the U.S. senator’s outspoken views on taxing the rich.
A week after, Sanders sent out a tweet demanding extra accountability for the extremely-filthy rich to pay their dazzling half of taxes, though the tweet used to be not directed at Musk namely.
We should always demand that the extremely filthy rich pay their dazzling half. Period.
— Bernie Sanders (@SenSanders) November 13, 2021
The tweet struck a chord with Musk, who responded to the thread by tweeting: “I withhold forgetting that you just’re smooth alive,” and “Okay, how unprecedented save you’re taking into consideration is dazzling? Does 53% seem cheap?”
Greg Leiserson and Danny Yagan, economists for the White Home Council of Economic Advisers, wrote in a blog post in September that the rich pay low income tax rates thanks to the model they legend income, collectively with from dividends and stock gross sales, which would possibly maybe be taxed at a most of 20%. The regular income rate for the extremely-filthy rich is a most of 37%.
“Funding beneficial properties are a indispensable supply of income for the rich, making this preferential therapy of funding beneficial properties a precious support for the wealthiest Americans,” the White Home stated.
As effectively as, the extremely-filthy rich “can make a selection when their capital beneficial properties income looks on their income tax returns and even stop it from ever appearing.”
Musk paid lower than $70,000 USD in federal income taxes between 2015 and 2017, and nothing in 2018, basically based on ProPublica, which reviewed IRS details in its investigation. Of his total income reported to the IRS in 2014 to 2018, Musk is reported to absorb paid about $455 million USD in taxes from his $1.52 billion USD earnings — an genuine tax rate of about 3.2%, basically based on ProPublica‘s calculations. Within the equivalent interval, his web rate grew to about $13.9 billion USD.
Musk recently outlined on Twitter that he doesn’t “capture a money salary or bonus” and that his wealth relies in Tesla stocks, explaining the hot selloff of shares.
Display masks, I save not capture a money salary or bonus from anyplace. I ideal absorb stock, thus the staunch device for me to pay taxes personally is to sell stock.
— Elon Musk (@elonmusk) November 6, 2021
In other news, Kanye West Will pay Elon Musk a Lunge to at SpaceX.