Elon Musk says he supports an inheritance tax that many of his billionaire peers despise
Elon Musk has made it clear he's against a wealth tax on the richest Americans that could leave him with an annual tax bill in the billions. But he thinks taxing inheritances is a good idea.
"Generally, I think the estate tax is a good tax," the Tesla CEO said at The Wall Street Journal's CEO Council Summit in response to a question about how billionaires should be taxed. He said that his marginal tax rate is high, and that he pays sales tax as well.
Federal estate and gift taxes take a chunk inheritances worth more than $11.7 million for an individual or $23.4 million for a married couple. Someone who dies and leaves below that amount to their heirs doesn't have to give the federal government a slice.
Opponents of the estate tax argue it penalizes thriftiness over one's life and amounts to essentially a double tax on income. Supporters of the century-old tax say it chips away at economic inequality by ensuring that vast wealth can't flow uninhibited between generations. In practice, the measure affects relatively few estates, and the nation's wealthiest people don't have much trouble avoiding it through trusts and clever accounting.
https://www.msn.com/en-us/autos/news/elon-musk-says-he-supports-a-controversial-tax-that-many-of-his-billionaire-peers-despise/ar-AARzrFB
A high inheritance would mean fewer useless fucks like Donald Trump.
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