Taxing all 938 billionaires at 100% wouldn’t stop the $40 trillion national debt, says Elon Musk. Bernie Sanders says tax them 5% and send you a check
Elon Musk argues America’s $40 trillion debt is too big for billionaire taxes to fix, but Bernie Sanders says a 5% tax could at least put $3,000 back in your pocket.
Taxing all 938 billionaires at 100% wouldn't alleviate the $40 trillion national debt, according to Elon Musk. In contrast, Bernie Sanders proposes a 5% wealth tax on billionaires, which he says would provide nearly every American with a check. With a net worth of $8.2 trillion, the 938 billionaires in the U.S. could theoretically cover a fifth of the national debt, but Sanders aims to generate $4.4 trillion in revenue over a decade, which would fund a $3,000 check for lower- and middle-income households and invest in social services.
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