Sen. Elizabeth Warren says billionaires should pay more taxes to help the ‘next Elon Musk

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Sen. Elizabeth Warren says billionaires should pay more taxes to help the ‘next Elon Musk
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'I'm happy to celebrate success, but let's remember, Elon Musk didn't make it on his own,' the Massachusetts Democrat told CNBC on Tuesday.

with other Democrats the so-called Ultra-Millionaire Tax Act in 2021 that would levy a 3% total annual tax on wealth exceeding $1 billion and a 2% annual wealth tax on the net worth of households and trusts ranging from $50 million to $1 billion. She also made taxing the rich a cornerstone of her unsuccessful bid for the 2020 Democratic presidential nomination.

In February, Musk boasted in a tweet that last year he paid the highest tax bill ever in history for an individual in the U.S. In 2018, when he was also one of the richest people in the world, Warren said, "How much did Elon Musk pay that year? We actually saw his taxes that year and the answer is: He paid zero. The public school teacher did not have the option to pay zero in 2018 or in 2021."

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