In South Africa, people borrow money to eat. In the US, the ultra-rich do it to stay rich by avoiding tax. A ProPublica analysis published on Business Insider shows the top 25 wealthiest Americans, including South African-born Elon Musk, has paid a true tax rate of 3.4% by using their vast fortunes as collateral for single-digit interest rate loans. Musk’s response to a request for comment? “?”
The Tesla Chief revealed in a Twitter thread discussing his wealth and taxes, he has sold all of his houses in California except for one that is rented out for events. He confirmed he earns no salary and the only time he sells Tesla stock is when he has no choice.
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