>Elon Musk’s net worth surged past $1 trillion on Friday as SpaceX—the rocket company he founded and controls—made its debut on the public market, prompting global revulsion and calls for an aggressive wealth tax to rein in out-of-control inequality.
>“Musk became the world’s first trillionaire because our tax system shields the wealth of the ultra-wealthy from taxation while requiring working to people pay taxes on every paycheck,” said Igor Volsky, director of the Tax the Greedy Billionaires Campaign. “Today’s milestone should serve as a wake-up call to us all.”
>“Unless we plan to cede control and agency over our future to a handful of ultra-wealthy individuals, lawmakers must pursue bold tax policies that actually meet this moment—not just slowing the accumulation of extreme wealth, but reversing it,” Volsky added. “That means passing taxes on billionaire wealth ambitious enough to make the ultra-wealthy less wealthy, reduce the stranglehold they have over our economy and democracy, and restore the ideal that no one in America gets to buy their way to unchecked power.”
>Reuters reported Friday that “most of Musk’s wealth now rests with SpaceX, where he holds a stake worth roughly $866 billion.”
>“Along with Tesla and the rest of his properties, his net worth will exceed $1.1 trillion when the stock begins trading Friday,” Reuters noted. “The tally includes stock components that would vest over time.”
d-j-9898 on
Something tells me a bank would not agree with Forbes valuation of his net worth considering how little revenue his companies actually generate.
This is all hype and nothing more.
flexwhine on
‘Trillionaires Shouldn’t Exist’: Obscene Musk Milestone Spurs Impotent Calls for Aggressive Wealth Tax That Will Have No Impact
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>Elon Musk’s net worth surged past $1 trillion on Friday as SpaceX—the rocket company he founded and controls—made its debut on the public market, prompting global revulsion and calls for an aggressive wealth tax to rein in out-of-control inequality.
>“Musk became the world’s first trillionaire because our tax system shields the wealth of the ultra-wealthy from taxation while requiring working to people pay taxes on every paycheck,” said Igor Volsky, director of the Tax the Greedy Billionaires Campaign. “Today’s milestone should serve as a wake-up call to us all.”
>“Unless we plan to cede control and agency over our future to a handful of ultra-wealthy individuals, lawmakers must pursue bold tax policies that actually meet this moment—not just slowing the accumulation of extreme wealth, but reversing it,” Volsky added. “That means passing taxes on billionaire wealth ambitious enough to make the ultra-wealthy less wealthy, reduce the stranglehold they have over our economy and democracy, and restore the ideal that no one in America gets to buy their way to unchecked power.”
>Reuters reported Friday that “most of Musk’s wealth now rests with SpaceX, where he holds a stake worth roughly $866 billion.”
>“Along with Tesla and the rest of his properties, his net worth will exceed $1.1 trillion when the stock begins trading Friday,” Reuters noted. “The tally includes stock components that would vest over time.”
Something tells me a bank would not agree with Forbes valuation of his net worth considering how little revenue his companies actually generate.
This is all hype and nothing more.
‘Trillionaires Shouldn’t Exist’: Obscene Musk Milestone Spurs Impotent Calls for Aggressive Wealth Tax That Will Have No Impact