After flirting with a plan to tax billionaires on unrealized gains, Democrats have backed off and reverted to a surtax on rich Americans’ income that will barely impact The Forbes400
We repeated the exercise on Thursday when the much more modest surtax plan came out and recalculated the hypothetical tax bill for those same billionaires, using public data on their salaries, dividends and stock sales. This same group would likely have to fork over an estimated $11.
One critic of this type of tax plan is David Gamage, a tax law professor at Indiana University who worked with Democratic Senator Ron Wyden on the billionaire tax, who points out that billionaires can largely escape it. “It also creates complicated transactions designed to avoid tax that harm the economy in very serious ways,” Gamage said on Monday, before the new plan was introduced.
No one is making out better under the new plan than Elon Musk. The richest person in history doesn’t receive an annual salary from Tesla, the electric car juggernaut he first backed in 2004, and the company doesn’t pay any dividends to its shareholders. So Musk didn’t receive any income from owning stock in the firm in the year between the 2020 and 2021400 lists. Nor did he cash out a single share in Tesla.
Not every billionaire holds their stock forever, though, and those who tend to sell shares could face much bigger tax bills under the new plan. Had the proposal been in effect over the year ended September 3, the biggest taxpayer would have been400 lists. Forbes estimates that he would have paid $4.1 billion in taxes under the new plan, $1 billion more than his current tax bill. , who sold nearly $3.
So the question of how to make sure the wealthiest Americans pay their fair share of taxes remains unsolved—and gets more difficult each year as the rich get that much richer. The wealthiest 400 Americans were
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