The fight between Vermont Senator and candidate for President Bernie Sanders proposed an act called ‘Make Billionaires Pay Act’ — this bill requires billionaire individuals and families of the United States to pay a one-time mega tax to support the country’s healthcare system.
According to Bernies’ press release on this act, the tax rate on billionaires would be 60% on the money they made from March 18th, 2020 o January 1st, 2021.
According to Americans for Tax Fairness and Institute for Policy, if we taxed 60 percent of the windfall gains these billionaires made from March 18th until August 5th we could raise $421.7 billion. That’s enough revenue to allow Medicare to pay all of the out-of-pocket healthcare expenses for everyone in America over the next 12 months.Source: Bernie Sanders’ website
This press-release gives examples of Jeff Bezos, Elon Musk, Mark Zuckerberg, and the Walton Family who will pay $42.8B, $27.5B, $22.8B, and $21.5 billion respectively.
This quickly escalated to a Twitter war between Bernie and Tesla CEO Elon Musk attacking, name-calling each other directly in their tweets.
While Bernie Sanders is accusing Elon Musk of being an egocentric billionaire, Elon believes Bernie is paid by big oil to dent the mission for sustainable energy and transportation.
If ever this act turns into legislation and Bernie Sanders becomes President, Elon Musk will have to sell his stake in Tesla to pay for such a huge amount of money, this will reduce his share in the company and will negatively affect the company and its employees, investors, shareholders, and the stock market.
This will also cost Elon Musk his tranches of performance-based bonuses that he earned by making Tesla the world’s most valuable automotive company (current Market Cap = $270 billion).
Elon Musk does not accept a salary against his services, but he is required to get the minimum California pay which is piling up in a Tesla bank account somewhere and he never cashes it out, he says.
Latest Tesla / SpaceX News:
- Tesla Cybertruck is Oracle’s next-gen police car, unveiled at CloudWorld 2023 by Larry Ellison
- Elon Musk takes Benjamin Netanyahu for a Cybertruck test drive, after a discussion on the future of AI and freedom of speech (videos)
- Tesla update 2023.32.4 improves the clarity of Autopilot cameras, Model X Falcon Wing doors get new Service Mode release notes, more
- Tesla Model 3 Highland spotted in Shanghai with Model 3+ badging, Tesla ships thousands outside China (videos)
- Here’s why Tesla discontinued the Giga Texas-made 4680-cell version Model Y AWD
- Tesla Cybertruck deliveries likely to start in October, RC prototypes sighted off-road testing with new wheels
- Tesla Semi trucks impress in real-world range and performance testing, first PepsiCo driver shares his review of the electric long hauler
- Tesla’s Dojo prediction by Morgan Stanley boosts TSLA stock price, report shows how critical the FSD supercomputer is for Musk’s tech empire
Featured Photo: Bernie Sanders’ press / Joe Rogan via Instagram