Higher Taxes for Billionaires: Elon Musk Fires Back at Joe Biden’s Call for Fair Share

In a recent tweet, President Joe Biden called on billionaires to pay their fair share of taxes, claiming that the average tax rate for billionaires is just three percent. However, this statement did not sit well with Elon Musk, the world’s richest man and CEO of Tesla and SpaceX. Musk quickly fired back, claiming that he paid more taxes than any individual on Earth in 2021($11 billion) and will do so again for the 2022 fiscal year.

In response to Biden’s tweet, Musk stated that he paid a whopping 53% tax on Tesla share options at both the state and federal level. He also challenged Biden’s claim of a three percent average tax rate for billionaires, calling for a fact check. Musk’s tweet quickly gained attention and led to a correction being added to Biden’s original tweet by the Tax Foundation.

Musk’s call for a fact check on Biden’s three percent claim is not without merit. Musk’s tax rate of 53 percent is even higher.

Musk’s response to Biden’s tweet has generated a lot of discussion on social media. Some have praised Musk for his willingness to pay a higher tax rate and his call for a fact check. Others have criticized him for being out of touch with the average American and for not paying his fair share of taxes. However, it is worth noting that Musk’s tax rate is significantly higher than the average tax rate for billionaires and that he has paid more in taxes than any person on Earth in 2021.