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.
Look, I think you should be able to be a billionaire if you can earn it, but just pay your fair share.
I think you ought to pay a minimum tax of 25%.
It’s about basic fairness. pic.twitter.com/oHgreYCdUz
— President Biden (@POTUS) March 18, 2023
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.
I paid 53% taxes on my Tesla stock options (40% Federal & 13% state), so I must be lifting the average!
I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022.@CommunityNotes, is the 3% number cited above accurate?
— Elon Musk (@elonmusk) March 18, 2023
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.
The country would be much better off if you were able to keep that money, and were able to invest it productively, rather than turning it over to government to blow it on consumption. Our nation will suffer a lower standard of living as a result.
— Peter Schiff (@PeterSchiff) March 19, 2023
Correct, its horrifying to see what they waste our money on. They burn it, they send it to Ukraine launder and spread to their friends and back to themselves.
— Myamoto Musashi (@M3yamotoMusashi) March 20, 2023
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.
