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Elon Musk says taxing billionaires won’t help in the U.S. national debt

Elon musk

Source: IB Times

Elon Musk is the richest person on the planet and this means something to a lot of people, the entire planet actually. His opinions matter and his Tweets can definitely move the share market left, right and centre. Now, Elon Musk with a net worth of USD 292 billion says that taxing billionaires will not be a sufficient contribution toward paying off the United States national debt. The man is practically arguing that the focus should be on the government rather than on taxing billionaires. Where is the government’s money going?

As mentioned in a report by Bloomberg, Elon Musk says that even if you tax billionaires at 100 per cent, it would still not be enough to pay the U.S. national debts. Even then the government will have to turn towards the general public in order to fill in the gaps.

Tesla Chief Executive says that it is simple maths and we could not agree more.

For someone to turn his fate around and become the richest person on the planet, we can understand and accept that this person must know a lot about personal finances, entrepreneurial finances and wealth in general. Elon Musk knows how to use his wealth in order to ten-fold what he has in the future.

Should the government listen to this man? Well, definitely yes! However, several reports claim that the government is and will never be ready to accept the third party to handle its expenses for them. Is there corruption in the system? Are these political members of the parliament stealing from the country?

These are strong questions that can have very significant consequences but these are important matters to discuss. We know for a fact that the United States government has got a lot of funding, the question is where and how much are they spending? Musk says, instead of checking the pockets of billionaires, the focus should be on government spending.

Where is the government spending all of their money? There must be a budget and paying off national debt should be a priority.

What do you think? Do let us know if you feel that the United States government is not doing enough to pay back the national loan and there might be corruption at some political level. Do you think that Elon Musk is right about the US government?



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